Control Print Ltd on Monday announced the acquisition of 50.49% in UK-based Codeology Group Ltd., a provider of print and apply systems, for £1 million (over Rs 10 crore).
The acquisition will help Control Print get a toehold in the UK market, leading to new growth opportunities, the company said in a statement.
"This collaboration represents a key step in our plan to diversify our product offerings further. In addition, Codeology has a well-established presence in the UK and will benefit from our products, expertise, and support in their home markets," Control Print Joint Managing Director Shiva Kabra said.
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Further, he said, "This partnership will also help us expand to newer markets to provide high-quality products with Codeology's assistance. Together, we are well-positioned to drive growth and deliver value to our customers." Codeology Group Ltd Director Jim Mason said the partnership with Control Print will give Codeology a broader vision and enhance its capabilities in offering products.
"Moreover...Control Print's product additions and financial strength combined with our existing market coverage will provide a significantly higher ceiling for Codeology's growth rates. This is also a notable opportunity for us to reach a new customer base in a new market, further enhancing our network," Mason added.
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