ILFORD Imaging Switzerland GmbH has announced a plan to take the company forward following its recent financial difficulties.
The Management Team, comprising Paul Willems, Chief Executive Officer and Jean-Marc Metrailler, Chief Financial Officer, has acquired the ILFORD Imaging and ILFORD Property companies. A significant part of the land owned by ILFORD Property is being sold and the proceeds will be invested into the ILFORD Imaging business. This investment will provide the Management with the necessary funding to execute the strategic business plan. In addition, JetGraph Co.,Ltd. has committed to enter into the share capital of the company in partnership with the Management Team. JetGraph has been a strong distribution partner in the Japanese and Chinese markets for many years and brings extensive market knowledge and customer access in key growth areas.
One of the consequences of its recent difficulties is the need to realign the cost base within the business and as a result the company has also had to make the decision to restructure which involves a significant reduction in personnel. ILFORD has had to reduce its workforce by 40% throughout its entire business.
Paul Willems said, “The last few weeks have been extremely challenging and I would like to thank the dedicated members of staff that even through the restructuring process, have continued to push the business forward under very difficult circumstances. In addition, I am very grateful for the continued support of our customers around the world that have stood by us through these difficult conditions. Finally, we have had a number of key suppliers that have continued to work with us through this period at their own risk and again I appreciate their support. It is a true testimony to the quality of products and the importance of our brand."
Willems continued, “Moving forward, I am delighted that we have found such a promising solution for the future of the ILFORD business and its brand. JetGraph’s knowledge and experience in the imaging business will be invaluable and their contribution will ensure that we can implement our strategic growth plan to the benefit of all those involved.”
Mr Keichii Shindo, President, JetGraph Co., Ltd said “We feel that the partnership with ILFORD is a natural progression for our business particularly with the long history between the two companies. ILFORD is a world-renowned brand and we are very optimistic about the potential of the new coating technologies including NanoSolvent™ and AquaBlock™ as well as the new additions to its traditional inkjet photo paper range. The innovative products that ILFORD have developed recently are a key reason for our investment decision and they will deliver a fundamental contribution to our future growth plan for the commercial sign and display market. We are excited to support the ILFORD business and working closely together to support the strategic plan.”
ILFORD Imaging Switzerland GmbH continued to trade through its financial difficulties and so does not anticipate any issues in the supply of its core products, including both GALERIE and OMNIJET to the marketplace. There are plans to introduce new products early October into both brands including NanoSolvent™ and AquaBlock™ into the OMNIJET range.