Printing companies are seeking to merge their operations to form a new bigger company to ensure their survival as market conditions in the industry toughen.
Colourprint Limited, Digital Hub Limited, Kul Graphics Limited, Printfast
(K) Limited, the Print Exchange Limited and the Rodwell Press Limited announced plans to merge forces once they receive regulatory approvals.
Board of Directors of the six Printing companies unanimously agreed that times had toughened and to ensure they stayed afloat, it was in their best interest to merge.
“Subject to applicable regulatory approvals being received and other conditions being met, the transaction is expected to complete by the end of June 2019, paving way for the phased transfer of the companies’ commercial printing operations to the newly merged entity (ies),” the firms spoke in a joint statement read to the press.
“During this transition phase, the companies will continue to operate independently and there will be no disruption to the delivery of goods and services,” the statement read in part.
Some of the reasons floated as having led to the merger include competition and increased digitization.
Services offered by the six printing firms include the printing of magazines, annual reports, brochures, and branding.
Customers have significantly reduced due to the availability of online storage and platforms that enable people to easily pull out the material from online markets.