ARMOR acquires Intercode in India

Published 04/09/2019

ARMOR acquires Intercode in India

Published 04/09/2019 in

On 1 September 2019 ARMOR signed the purchase agreement to acquire the Thermal Transfer business of its Indian competitor, Intercode. It is a strategic acquisition for ARMOR on the fast-growing Indian market which will lead the company to increase market share from 30% to 50%, consolidating its position as the local market leader.
The Thermal Transfer business of ARMOR has been posting double digit growth in India, higher than the market average of around 10%. ARMOR decided to strengthen its position in the growing sub-continent by acquiring Intercode and its site in Delhi. ARMOR is accordingly establishing greater proximity with customers in the north of the country while continuing to serve the south from its existing slitting site in Bangalore. The acquisition consolidates ARMOR's position as local market leader, estimating to be able to increase market share from 30% to 50%.

"Intercode is a company very much like us. Fair pricing policy, sense of ethics, customer portfolio and also responsiveness and flexibility - many areas of similarity that will ensure a successful integration." states Hubert de Boisredon, CEO of ARMOR. The newly acquired company will be progressively integrated within ARMOR as a wholly-owned subsidiary.

All of the thirty employees will retain their jobs. Services offered to customers will be maintained and improved. And prices will remain the same.

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