TransAct Technologies to purchase Printrex

The acquisition is expected to close in the third quarter of 2011, subject to customary closing conditions. Printrex has become the worldwide leader in printers/plotters for the oil & gas exploration and drilling industry. It also manufactures and markets printers for other demanding applications that include the medical industry and rugged mobile truck mounted printers. Printrex recorded sales of us$ 5.4 million with an operating income margin that was slightly higher than TransAct’s in 2010.

“Printrex is a great company with solid technology in the growing oil and gas exploration industry, and will be an excellent fit with TransAct,” said Bart C. Shuldman, Chairman and Chief Executive Officer of TransAct Technologies.

“With the demand for oil and gas rising around the world, we are excited to become part of this quickly expanding market. We will use our engineering, sales and marketing expertise to continue the growth of the Printrex business through the introduction of new, innovative products and the expansion of sales of new and existing products into new markets. We expect the transaction will be slightly accretive to earnings in 2011 net of one-time transaction expenses and expect it to be fully accretive starting in 2012,” Shuldman added.