Business News
TenCate acquires controlling interest in Xennia
Monday 04. February 2008 - Xennia Technology Limited ("Xennia") is pleased to announce the agreement to sell a 75% stake in the company to TenCate. This is a strategic investment by TenCate for whom inkjet offers significant benefits across its smart and technical textile businesses.
TenCate will use Xennia to drive the implementation of inkjet technology into several of its core textile businesses. At the same time, it will support Xennias ambitious plans to become the leading integration company and solution provider for the fast emerging industrial inkjet sector. In addition to an increasing focus on inkjet technology for textiles, Xennia will accelerate its industrial printer and ink offerings through OEM partners and direct to end-users in key niche applications, such as ceramic tiles, product decoration and printed electronics. Xennia will greatly benefit from being part of the TenCate Group though increased critical mass, resources and market access.Commenting on the investment by TenCate, Xennia CEO Alan Hudd is bullish about the future.
“This is the biggest step that Xennia has taken yet and I am confident that TenCate will help us to move the company to the next level. We have a fantastic team, a great customer base and highly supportive shareholders in TenCate and Xaar who share our vision. I feel really good about Xennias future. We will continue to play to our strengths – developing innovative application technologies and responding to our customers individual needs. The TenCate investment will enable us to be much more effective at leveraging our technology and bringing new products to market.”
The current Xennia management team retains a significant stake in the company and is committed to Xennias future within the TenCate Group.