29th Jan 2008 07:01
Xaar PLC29 January 2008 FOR IMMEDIATE RELEASE 29 January 2008 Xaar plc PURCHASE OF A MAJORITY HOLDING IN XENNIA TECHNOLOGY LTD. BY ROYAL TEN CATE NV Xaar plc ("Xaar"), the inkjet printing technology group headquartered in Cambridge is pleased to announce that Xennia Technology Ltd. ("Xennia"), in which Xaar has a minority interest, has entered into an agreement with Royal Ten Cate nv ("Ten Cate") under which Ten Cate will purchase a 75% stake in the company from the founder and other management. Xaar will retain its minority investment in Xennia and will partner with Ten Cate in its development of inkjetfor the specialist textile and materials markets. Based in the Netherlands, Ten Cate is a specialist textile and materials group listed on the NYSE Euronext Amsterdam stock exchange (stock code:KTC). Inkjet is an emerging technology in the printing of textiles and in the application of specialist coatings and other related production processes for the textile market. Xaar has enjoyed a collaborative relationship with Xennia since June 2004, strengthened in September 2005 when Xaar acquired a minority interest in the company. Commenting on the agreement, Xaar's Chief Executive, Ian Dinwoodie, said "I am pleased that Xennia has strengthened its position for the future through what is an innovative and collaborative agreement with Ten Cate. We already work withTen Cate under an EU Framework project and we look forward to working more closely with them in the future and to establishing inkjet as a key production process for the textile and specialist materials market." Ends Contacts Xaar plc: 01223-423663Ian Dinwoodie, Chief Executive www.xaar.co.ukNigel Berry, Group Finance Director & DeputyChief Executive Bankside Consultants:Steve Liebmann or Simon Bloomfield 020-7367-8883 / 07802-888159 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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