X-Rite Set to Purchase Pantone
Grand Rapids, MI-based X-Rite, a provider of solutions for color measuring, formulating, matching, and simulating is enhancing its presence in the color industry by acquiring Pantone, Inc., Carlstadt, NJ. X-Rite has entered a definitive agreement to purchase Pantone for $180 million.
“Pantone and X-Rite have enjoyed a strategic partnership in providing color-management solutions for the digital-imaging market for the last two years,” says Pantone CEO Larry Herbert. “Our company is wholly committed to color communication and inspiration, and we are enthusiastic about combining our growing business with X-Rite to apply even greater resources to this work.”
Pantone sells its products, services, and technologies directly and through hundreds of licensees in more than 100 countries. Additionally, the company has expanded its Pantone Matching System to industries beyond print, such as fashion, home, plastics, architecture, paint, and more.
“Larry Herbert and his team have built Pantone into a very successful business, and we are delighted that it will now be a part of the X-Rite family,” says X-Rite CEO Tom Vacchiano. “This iconic brand is the perfect complement to X-Rite’s business.... We believe that this strategic acquisition will provide value for our shareholders, customers, and employees, and partners.”
Anticipated benefits of the acquisition include deepening X-Rite’s range of offerings by adding Pantone’s color standards to its position in hardware, software, and services. X-Rite also wishes to leverage its distribution capabilities to extend the reach of Pantone’s color solutions, accelerate technology and business-model innovation, and more.
Pantone will become a new business unit within X-Rite. The company says current Pantone leaders will continue to play key roles in the organization. For more information, contact X-Rite, 4300 44th St. SE, Grand Rapids, MI 49512, 616-803-2100, Web: www.xrite.com.