TEL AVIV, June 25 (Reuters) - German specialty chemicals group Altana and Landa Corp of Israel have concluded an equity financing agreement under which Altana will invest 100 million euros ($135 million) for a minority stake in Landa Digital Printing.
“Both companies see the agreement not only as a financial investment, but also as a starting point for a long-term strategic partnership to bring digital printing solutions to the commercial, packaging and publishing markets,” the companies said in a statement on Wednesday.
Other units of the Landa group, including Landa Labs and Landa Ventures, are not included in the transaction.
The proceeds will be used for completing the development of nanography, Landa’s water-based digital printing process.
“I am confident that we are investing in a game-changing technology that can enable the printing industry to thrive in the 21st century and help our customers position themselves well for the future,” said Matthias Wolfgruber, chief executive of Altana.
Benny Landa, chairman and CEO of Landa Corp, said Altana brings relevant industry and market experience as well as worldwide manufacturing expertise, which will be of great value as the company expands globally. (Reporting by Tova Cohen)