SAATI and IKONICS Sign Acquisition Agreement
SAATI to acquire IKONICS businesses, another step in its growth strategy as a supplier for the screen printing market
SAATI, a manufacturer of fabrics and chemicals for the textile printing and graphics markets, announces that SAATI ADVANCED CHEMICALS LLC has purchased substantially all of the assets of IKONICS Corporation, including Chromaline Screen Print Products, IKONICS Imaging, IKONICS Industrial Inkjet Solutions, and IKONICS Advanced Material Solutions.
SAATI ADVANCED CHEMICALS is a newly formed South Carolina limited liability company fully owned by SAATI’s USA subsidiary, SAATI Americas Corp. IKONICS is a subsidiary of TeraWulf Inc. following a business combination between the two companies that was completed in December 2021.
The objective of the transaction is to combine SAATI’s and IKONICS’s complementary solutions in screen printing and imaging businesses across the different market segments. The acquisition also aims at developing a common R&D roadmap for sustainable solutions for screen printing and imaging applications.
“We couldn’t be more thrilled and inspired to be joining forces with the Ikonics team and their distribution network to accelerate our growth initiatives and continue to drive innovation and value to the markets we serve together,” says Wayne LaBrie, general manager, SAATI Americas Corp.
“Combining the strengths of SAATI and IKONICS will clearly benefit our distributors and customers,” adds Ken Hegman, COO, IKONICS. “Integrating operations will widen our range of products and increase operational efficiencies to improve availability. Blending our technical teams will accelerate innovation to the benefit of printers worldwide. We are excited to offer all of these enhancements with the same loyal service and delivery.”
The transaction was expected to close by Aug. 15.
