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January 31, 2006 - X-write, one of the leading providers of color measurement solutions, has reached a merger agreement with Amazys Holding AG, the conglomerate that owns color management solution company GretagMacbeth, for $280 million.
The merger will include an exchange of both cash and shares on X-write’s part with the initial offering taking place, according to X-write’s press release, "on or about March 3, 2006."
The companies will still operate independently, though their executive teams are also merging. X-write’s CFO Mary E. Chowning and CEO Michael C. Ferrara will retain their positions, while Amazys CEO Thomas J. Vacchiano, Jr., will become the President and COO. Dr. Francis Lamy will be appointed CTO.
The X-write press release cites synergy--a cross-use of X-write and GretagMacbeth technology, thinkers and assets used together to allow greater impact on the industry than they would apart--as one of the main benefits of the merger.
The Board of Directors to come out of this merger will be compromised of six current X-writer board members and three Amazys Holding AG board directors.