Mohawk Fine Papers Signs Letter of Intent to Buy Bravo Solutions
June 22, 2011 (Press Release) - Mohawk Fine Papers Inc. announced that it has signed a non-binding letter of intent to buy the business of Bravo Solutions, Inc. of Elmira, New York.
Bravo is a leading supplier of specialty synthetic and paper substrates for digital printing. The acquisition will include all brands and certain assets, including manufacturing capacity for converted products, which will remain in Elmira.
Bravo substrates are designed and engineered for both toner and wet-ink printing systems. Mohawk plans to fully integrate the Bravo portfolio, including pressure sensitive, synthetic substrates, integrated products, embedded card sheets and magnetic materials, into the existing Mohawk digital product offering creating the most extensive portfolio of digital substrates in the world.
According to Thomas D. O’Connor, Jr., Mohawk’s chairman and CEO, "An acquisition of Bravo will be a strategic opportunity for Mohawk and its customers. We are committed to expanding our offerings to the growing digital print market. These premium substrates represent high value, high volume opportunities for printers, merchants and their customers."
Following the acquisition, Ray Mahar, founder of Bravo, will join Mohawk as Director of Sales, Digital Specialty Substrates. In this new position, Ray will be responsible for business development and sales for both the current Bravo line and an expanded portfolio being developed by Mohawk.
"I would be extremely pleased to join the Mohawk team," said Mahar. "This venture will provide an expanded distribution network for Bravo products, as well as a platform to bring new application-specific products to digital printers that will enable them to leverage their investment in technology and grow their businesses."
The companies are working together to agree on definitive purchase documentation as quickly as possible so as to smoothly transition sales of all products to Mohawk by early third quarter.
Mohawk is North America's largest privately owned manufacturer of fine papers for commercial and digital printing.
SOURCE: Mohawk Fine Papers Inc.