Ink World Magzine - Vol.19, No.2 - 2013-03

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We create
chemistry
that makes
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love UV
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table of contents
4 www.inkworldmagazine.com March/April 2013
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Editorial
Fresh Ink
Market Watch
Calendar
Personnel
Suppliers Corner
Industry News
Classifed
Ad Index
INK inc.
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8
12
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61
63
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66
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March/April 2013 Vol. 19, No. 2
The European Ink Review Sean Milmo
European ink manufacturers are navigating raw material concerns
and the evolving printing market.
The Pigment Report David Savastano
While leading pigment manufacturers saw improvements in sales in
2012, executives say they expect more changes to come in 2013.
The North American Top 20 Report
For most North American ink manufacturers, 2012 was a
relatively solid year as raw materials stabilized and the economy
grew slightly, and ink industry leaders said they are cautiously optimistic
about 2013.
The Conductive Ink Market David Savastano
The printed electronics market is making gains as new applica-
tions emerge, and conductive ink manufacturers are seeing more
opportunities.
Novel Lamination Ink Resin
By Chien (Charlie) Hsu and Richard Grandke
Scott Printing Ink Brings Materials Expertise
to Regional Printing Market David Savastano
Cover: Laura Ragusa
14
20
29
54
56
66
29
20
54
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Introducing the Airase
Structured Siloxane Defoamer Line.

The Airase Structured Siloxane Defoamer Line (SSDL) system from Air Products
is designed to provide a faster, easier way to choose a defoamer for water-based
coatings. Its the rst line of defoamers that structures the selection process,
providing a range of defoamers that can allow you to hone in on the most
eective defoamer/compatibility balance with minimal trial and error. For
free samples, call 1-800-345-3148. Or visit our website. And see for yourself
how less guesswork makes pinpointing the right defoamer less work.
tell me more
airproducts.com/airase
Solve foaming problems
with pinpoint accuracy.
2013 Air Products and Chemicals, Inc.
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editors desk
EDITOR
David Savastano, dsavestano@rodmanmedia.com
VP/EDITORIAL DIRECTOR
Tom Branna, tbranna@rodmanmedia.com
ASSOCIATE EDITOR
Bridget Klebaur, bklebaur@rodmanmedia.com
EUROPEAN EDITOR
Sean Milmo
ART DEPARTMENT
Michael Del Purgatorio, mdelpurgatorio@rodmanmedia.com
EDITORIAL ADVISORY BOARD
Joe Cichon - INX International
John Copeland - Toyo Ink America
Lisa Fine - Joules Angstom U.V. Printing Inks
Norm Harbin - Flint Group
Urban S. Hirsch III - Ink Systems, Inc.
James La Rocca - Superior Printing Ink
Geof Peters - Wikof Color
Brad Schrader - Sun Chemical
RODMAN PUBLISHING
PRESIDENT
Rodman J. Zilenziger Jr., rzilenziger@rodmanmedia.com
EXECUTIVE VICE PRESIDENT
Matthew J. Montgomery, mmontgomery@rodmanmedia.com
GROUP PUBLISHER
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ADVERTISING SALES (U.S.)
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ADVERTISING SALES (HONG KONG, TAIWAN AND CHINA)
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INK WORLD
A Rodman Publication
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01970 USA.
Opportunities Exist
For Entrepreneurs
T
he printing ink industry has been under tremendous
pressure in recent years. The reasons are well known: raw
materials, the global economic downturn and changes in
the printing industry have impacted the ink industry. The North
American Top 20 Report, which starts on page 29, highlights these
changes, as well as the gains that have been made this past year.
Ink industry suppliers have faced their own set of pressures
during the past few years, and they, too, are seeing signs of change.
In The Pigment Report, which starts on page 20, pigment ex-
ecutives note for the most part that sales improved in 2012, while
raw material costs stabilized. While there are concerns as to what
2013 holds, pigment manufacturers are emphasizing developing
new products, which could be key to their own future growth.
Pigment executives and ink manufacturers alike also noted
that the markets for packaging ink and digital printing remain
the strongest growth areas. In The European Ink Report, which
begins on page 14, European Editor Sean Milmo notes similar
trends, as European ink companies diversify into new markets
and services.
One area of great interest for some printers and ink manu-
facturers is the printed and fexible electronics feld. If electronic
circuits can be printed on paper, plastic or other substrate, costs
can be reduced dramatically, which would allow these circuits to
be used in numerous applications where price is a factor.
There are literally billions of these systems already being
printed today. Glucose test strips are just one example, and Bemis
is working with Thin Film Electronics, a printed electronics spe-
cialist, to develop temperature sensors for packaging by 2014.
To make these sensors a reality, conductive inks are an essen-
tial ingredient, and small entrepreneurs, as well as international
corporations such as Sun Chemical and DuPont, are developing
new technologies for the printed electronics market. For more
on this promising feld, please see my story, The Conductive Ink
Market, beginning on page 54, as well as our website, www.
printedelectronicsnow.com.
There are opportunities for entrepreneurs in any industry, and
the same is true for the ink industry and its suppliers. Companies
that can develop innovative technologies in their feld will likely
have an advantage going forward in an increasingly complex and
competitive market.
David Savastano
Ink World Editor
dsavastano@rodmanmedia.com
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fresh INK
Toyo Ink Announces Merger of
Toyo Ink America, Toyo Ink Mfg. America
T
oyo Ink SC Holdings Co.,
Ltd. announced that Toyo Ink
America, LLC, the Groups con-
solidated subsidiary, has decided to absorb
another consolidated subsidiary, Toyo Ink
Mfg. America, LLC. The merger was ef-
fective Jan. 1, 2013.
The merging of the two companies,
the Groups consolidated subsidiaries,
will reinforce the management base and
bolster Toyo Ink Groups competitiveness
in North America through the coordina-
tion of the companies functions.
Further, by merging these companies
that operate in disparate business do-
mains, the move aims to strengthen the
ability to make proposals to customers
and accelerate Toyo Ink Groups business
expansion in the U.S.
The method is an absorption-type
merger, with Toyo Ink America, LLC be-
ing the surviving company and Toyo Ink
Mfg. America, LLC dissolved.
Toyo Ink America, LLC is located at
1225 N. Michael Drive, Wood Dale, IL
60191. The company manufactures and
sells printing inks, adhesives and related
products, as well as imports and sells pig-
ments, dispersions and specialty chemical
products.
SICPA Government Security
Solutions Expands in Asia
Pacifc, with Singapore as
Regional HQ
SICPA Government Security Solutions
has opened its new Asia Pacifc region-
al headquarters in Singapore. While
present in Asia for many years, SICPA
Government Security Solutions new
premises will act as a stronger base for its
activities in Asia Pacifc.
The opening of this new region-
al center is a response to the growing
need in Asia for the services SICPA
Government Security Solutions provides.
Due to its incredible socioeconomic and
geographical diversity it is, perhaps, one
of the regions most afected by loss of
government revenues as a result of the
illicit trade in excisable products. Our
expanded operations bring us closer to
governments in the region, providing
more opportunities for dialogue and
consultation with them, explained Dr.
Myron Seto, SICPA regional managing
director for APAC.
SICPA Government Security
Solutions helps governments protect tax
revenues and deliver policy objectives
by giving them visibility and control
of the supply chain of products suscep-
tible to fraud such as alcohol and to-
bacco, through its unique system called
SICPATRACE. The system combines
highly sophisticated secure marking of
products with advanced data manage-
ment and reporting, and is designed to
best meet various government require-
ments, including those outlined in Article
8 of the WHOs Protocol to Eliminate
Illicit Trade in Tobacco Products, adopt-
ed in November 2012.
DIC to Change
Fiscal Year-End
At a meeting of its Board of Directors
held on Jan. 23, 2013, DIC Corporation
took the decision to change its fscal
year-end, subject to the approval of a
resolution to partially amend the com-
panys articles of incorporation at the
115th Ordinary General Meeting of
Shareholders, scheduled for late June
2013, as follows.
The fscal years of DIC and its do-
mestic subsidiaries, with the exception of
one company, currently end on March
31, while those of its overseas subsidiaries
end on Dec. 31. The decision to adopt a
standard fscal year-end across the entire
Group refects DICs desire to:
(1) Ensure more timely and ap-
propriate disclosure of management
information.
(2) Enhance administrative capabili-
ties (including budget compilation and
corporate performance management)
and improve the efciency of business
operations.
(3) Accommodate the need to align
its accounts with the reporting period
for consolidated corporate groups stipu-
lated under the International Financial
Reporting Standards (IFRS), the even-
tual adoption of which is currently un-
der consideration in Japan.
As a result of this change, fscal year
2013 for DIC will be a nine-month tran-
sitional period (April 1, 2013 Dec. 31,
2013).
Flint Group Launches
UV Offset Ink for
High-Speed Printing
Flint Group recently launched an ofset
UV ink series designed to excel on to-
days high-speed presses. These versatile
Arrowstar Plus UV 8000 inks are ideal
for folding carton and commercial print-
ing applications.
Arrowstar Plus UV inks are ex-
tremely fast-curing, making them a great
choice for print jobs that involve direct
fnishing, backside printing for non-
food applications, and more, noted Tyler
Newsom, sheetfed product manager.
Their performance and quality are un-
wavering, even on the most challenging,
high-speed presses in the market.
The secret behind the performance
and functionality, including exceptional
rub-resistance, is the unique resin and
photoinitiator chemistry. According to
Rodney Balmer, Flint Groups director
of global research and product develop-
ment, sheetfed, Arrowstar Plus UV 8000
inks use the latest raw material technol-
ogy to push the limits of cure speed and
functionality.
8-11 FRESH INK 0313.indd 8 2/28/13 3:19 PM
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Untitled-3 1 2/5/13 11:43 AM
fresh INK
INX International Earns
EcoLogo Certifcation for
EcoTech TC II Sheetfed Inks
INX International Ink Companys
EcoTech TC II sheetfed inks have earned
certifcation from the environmental
standard EcoLogo Program. Certifed
inks include four EcoTech process col-
ors and 13 blending bases. EcoLogo is
a government of Canada ofcial cer-
tifcation mark and North Americas
largest, most respected environmental
standard. It is exclusively managed by
TerraChoice, a global leader in environ-
mental certifcation.
The EcoLogo Programs logo and
certifcation assures that all environmen-
tal claims made by manufacturers are
understandable as well as both accurate
and reliable. Founded in 1988, EcoLogo
awards products that demonstrate envi-
ronmental leadership within their cat-
egory. An ISO 14024 Type 1 program, it
evaluates products against scientifcally
rigorous criteria to refect the entire life
cycle of the product.
Printers using EcoTech inks have an
edge in the marketplace. These high per-
formance inks are mineral oil- and co-
balt drier-free, and ofer fast start-ups and
drying times and a quick return to color
run after run. Besides dot sharpness and
press stability, especially in light cover-
age situations, printers have experienced
good gloss and rub resistance and can foil
stamp in 48-72 hours. EcoTech inks con-
form to ISO 2846-1 standards and are
suitable for GRACoL G7 certifcation.
Sensient Technologies
Declares Dividend
The Board of Directors of Sensient
Technologies Corporation has declared
a regular quarterly cash dividend on its
common stock of $0.22 per share. The
cash dividend will be paid on March 1,
2013, to shareholders of record on Feb.
8, 2013.
Sensient Technologies Corporation is
a leading global manufacturer and mar-
keter of colors, favors and fragrances.
Sensient employs advanced technologies
at facilities around the world to develop
specialty food and beverage systems, cos-
metic and pharmaceutical systems, inkjet
and specialty inks and colors, and other
specialty and fne chemicals.
Spanish Court Declares
EFI Victorious in Patent
Litigation Filed by KERAjet
President
Electronics For Imaging, Inc. (EFI) an-
nounced victory in its Spanish pat-
ent litigation with Jose Vicente Tomas
Claramonte, the president of KERAjet,
S.A., involving EFI Cretaprints ceramic
digital inkjet printing systems.
Tomas Claramonte fled the lawsuit
against Cretaprint in May 2011, prior
to EFIs January 2012 acquisition of the
ceramic inkjet printer business, alleging
that Cretaprints ceramic digital ink-
jet printer products infringe his patent.
From the outset, EFI and EFI Cretaprint
have maintained that not only are Mr.
Claramontes infringement claims merit-
less, but that his patent is invalid.
In a decision issued earlier this month,
the Commercial Court in Valencia agreed
with EFI, and rejected Mr. Claramontes
infringement claims. The appeal period
has not yet expired. A court in the UK
issued a similar judgment of non-in-
fringement late last summer.
The courts ruling vindicates what
we have maintained all along: that Mr.
Tomas Claramontes lawsuit was baseless
and that his patent is invalid, said Bryan
Ko, EFIs general counsel. We will not
tolerate meritless claims being fled
against us, and we will, as we always have,
vigorously defend ourselves and our in-
tellectual property rights.
EFI has been a leading innovator in
the print industry since our founding,
and we acquired Cretaprint based on
their demonstrated innovation and suc-
cess in the ceramic inkjet market, added
Ghilad Dziesietnik, EFIs chief technol-
ogy ofcer. The victory confrms EFI
Cretaprints place as a leading innova-
tor in the ceramic inkjet printer market,
and we look forward to continuing to
bring our innovative customer-focused
printing solutions to our customers
throughout the world.
Sun Chemical Sustainability
Report Highlights the
Environmental Footprint
of Its Suppliers
Sun Chemical released its 2012
Sustainability Report, which showcases
Sun Chemicals leadership in eco-ef-
ciency through established data-driven
metrics, as well as examples of how
raw material suppliers are contributing
to the companys environmental foot-
print. The report cites two case study
examples of raw material suppliers who
published sustainability reports and de-
scribed their contributions and practices
to eco-efciency.
Were going beyond providing
meaningful data that will help meet cus-
tomer goals, said Gary Andrzejewski,
Sun Chemicals corporate vice president
of environmental afairs. We are show-
ing concrete examples of things our
raw material suppliers are doing to help
Sun Chemical meet and improve upon
its eco-efciency goals. It is our goal to
manufacture products that help our cus-
tomers better meet their environmental
goals and we can only do that by ensur-
ing our suppliers are also doing their part
to contribute to sustainable practices.
The report shows data collected ev-
ery year since 2005 from approximately
170 Sun Chemical sites in more than 25
countries. The key sustainability metrics
measured in the data include: energy con-
sumption/conservation at production and
non-production sites, the energy carbon
footprint at the production sites, process
waste reduction, water consumption, ma-
terials safety and employee safety.
Providing a report that shows the on-
going management and monitoring of key
sustainability metrics is an important part
of Sun Chemicals sustainability policy.
Our sustainability policy pushes us
as a company to improve the eco-ef-
ciency of our processes and products,
Mr. Andrzejewski said. Our R&D ef-
forts are a pivotal part of this process as
we provide our customers with solutions
that will be both eco-friendly and save
8-11 FRESH INK 0313.indd 10 2/28/13 3:19 PM
March/April 2013 www.inkworldmagazine.com 11
fresh INK
them money. These data-driven sustain-
ability reports have played a key role in
helping our customers achieve many of
their eco-efciency goals.
INX, The Oldham Group
Expand Distributor
Agreement
INX International Ink Co. and The
Oldham Group recently agreed to ex-
pand their distributor partnership to in-
clude UV, traditional ofset and UV fexo
and water fexo inks. The relationship be-
tween the two Illinois-based companies
dates back to 2008 when The Oldham
Group began ofering INX heatset, UV
and conventional ofset products primar-
ily under a private label agreement.
Known as Oldham Graphic Supply
when the business began in 1951, the
company has grown signifcantly. The
Oldham Group now operates in 15 states
with ofces in Chicago, Dallas and North
Canton, OH, in addition to its headquar-
ters in Springfeld, IL. Distribution and
service coverage range from Houston to
Milwaukee and east to Pittsburgh and
Syracuse.
The Oldham Group has a magnif-
cent history and a solid customer base,
said Michael Brice, director of business
development for INX International. As
we have learned since we formed a strate-
gic relationship four years ago, they have
a great understanding on how to leverage
their multiple oferings to deliver a total
value proposition to their customers. By
expanding our channel program, this will
give them and their customers access to
more of the best products in the industry.
Mike Garrison, director of sales for
The Oldham Group, said Oldham cus-
tomers have acknowledged their approv-
al since the company embraced INX
Internationals signifcant R&D capabili-
ties and robust technical support.
The combined technical support
of our companies is unparalleled in the
industry, Mr. Garrison said. The posi-
tive impact has been immediate with the
brand recognition of INX products, and
the opportunity to bring a strong brand
to our customers was paramount in our
decision. INX compliments our portfo-
lio and signifcantly enhances our ability
to provide bundled purchasing efciency
to our customers business.
Clarifcation
Prismacolor was inadvertently left of of
the U.S. Ink Directory. Its information is
as follows:
Prismacolor Ink & Varnish
120 E. Halsey Road
Parsippany, NJ 07054
Phone: (973) 887-5344
Fax: (973) 887-5936
Products: Ofset, Letterpress, Specialty
Inks, Graphic Arts Coatings
8-11 FRESH INK 0313.indd 11 2/28/13 3:19 PM
market watch
E
lectronics For Imaging, Inc.
(EFI) announced its results for
the fourth quarter and full year
of 2012.
For the quarter ended Dec. 31, 2012,
the company reported record revenue
of $174.1 million, up 7% compared to
fourth quarter 2011 revenue of $163.1
million. Fourth quarter 2012 non-
GAAP net income was $19.8 million
or $0.42 per diluted share compared to
non-GAAP net income of $16.6 million
or $0.36 per diluted share for the same
period in 2011, up 19% and 17%, re-
spectively. GAAP net income was $56.6
million or $1.19 per diluted share, com-
pared to $11.5 million or $0.25 per di-
luted share for the same period in 2011,
up 393% and 376%, respectively.
For the 12 months ended Dec. 31, 2012,
the company reported revenue of $652.1
million, up 10% year-over-year compared
to $591.6 million for the same period in
2011. GAAP net income was $83.3 mil-
lion or $1.74 per diluted share, compared
to GAAP net income of $27.5 million or
$0.58 per diluted share for the same period
in 2011, up 203% and 200%, respectively.
We fnished 2012 with a very strong
quarter that marked a record year for
EFI. The fourth quarter again demon-
strated tremendous execution and com-
mitment by our team, solidifying our
third consecutive year of double-digit
growth, said Guy Gecht, CEO of EFI.
We are excited about 2013 and the
growth opportunities ahead for EFI and
our customers.
Sensient Technologies Corporation
reported record revenue and earnings
per share for 2012. Consolidated rev-
enue was $1.5 billion in 2012, com-
pared to $1.4 billion in 2011. Diluted
earnings per share increased to $2.49
for the year, up from $2.41 reported in
2011. Consolidated operating income
was $191.2 million in 2012 compared to
$190.8 million reported in 2011.
Consolidated revenue for the fourth
quarter of 2012 was $356.2 million, a
fourth quarter record and an increase of
4.7% over the $340.4 million reported in
last years fourth quarter.
The company is initiating a broad
strategic and restructuring plan in the
frst quarter of 2013. One component
of the plan will focus on relocating
the Flavors & Fragrances Group head-
quarters, technical groups, and North
American management to Chicago.
The second component of the plan
will generate operating efciencies
throughout the company. The company
expects to reduce its global headcount by
more than 200 employees, and consoli-
date several manufacturing sites during
the next twelve months.
The Color Group reported record
revenue of $494.1 million in 2012, up
from $491.9 million in 2011. Operating
income grew to $94.1 million, an all-
time high and an increase of 4.3% over
the $90.2 million reported in 2011. The
Color Groups operating margin was
19.0% in 2012, an increase of 70 basis
points over the 2011 result of 18.3%.
The record results for 2012 were driven
by strong performances from the North
American food and beverage business
and the digital inks business.
The Color Group reported revenue
of $114.3 million in the fourth quarter,
up from $112.8 million reported in last
years fourth quarter. Operating income
was $19.1 million in the fourth quarter
of 2012, compared to $20.3 million in
the fourth quarter of 2011.
We achieved record revenues and
earnings for a third consecutive year de-
spite a very challenging environment,
said Kenneth P. Manning, chairman and
CEO of Sensient Technologies. We in-
creased our dividend, repurchased shares
and continued to reinvest in our busi-
ness during 2012. The company is strong
and the 2013 restructuring activities will
give us better access to our customers,
increase our efciencies and improve
our operating margins. We continue to
see growth opportunities, and I am very
optimistic about the companys future.
Global alternative asset manager The
Carlyle Group L.P. has completed its
acquisition of DuPont Performance
Coatings for $4.9 billion and an-
nounced that the company is being re-
named Axalta Coating Systems.
Axalta Coating Systems is a global
supplier of coatings to the transportation
and industrial sectors. The investment
was funded primarily with equity from
Carlyle Partners V and Carlyle Europe
Partners III.
We are excited to invest in Axalta
Coating Systems and believe its strong
market position and global footprint will
enable the company to capitalize on op-
portunities in rapidly emerging markets
such as China and Brazil. As experienced
investors in the industrial and transporta-
tion sectors, the One Carlyle global net-
work can help Axalta Coating Systems
grow and create value, said Martin
Sumner, principal of The Carlyle Group.
Charlie Shaver, the companys chair-
man and CEO added, We look forward
to this exciting next chapter for Axalta
Coating Systems. Our global scale with
35 plants and seven technology cen-
ters around the world, combined with
Carlyles industrial focus and global net-
work, position us well for the future.
As an independent company, Axalta
Coating Systems will build on a founda-
tion of more than 90 years in the coat-
ings industry. The company serves more
than 120,000 customers in 130 countries
and provides customers with a full range
of coating systems.
EFI, Sensient Announce 2012 Results
12 Market Watch0313.indd 12 2/28/13 3:22 PM
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Project2:Layout 1 1/20/09 11:29 AM Page 1
The European Ink Review
BY Sean Milmo
European Editor
European ink manufacturers are navigating raw material
concerns and the evolving printing market
I
n the face of prospects of a long-term shrinking in the size
of Europes print media, companies in the sectors supply
chain have been restructuring their operations to cut costs
and to expand into more proftable business areas.
So far, ink businesses have tended to avoid any major up-
heavals, mainly because outside of conventional publishing inks
for newspapers, magazines and books, there are still growth seg-
ments, such as packaging and digital printing.
Meanwhile, the European Union (EU) faces another dif-
fcult year economically in 2013 despite a partial resolution of
the crisis in confdence in the euro currency.
In 2012, GDP in the EU shrank by 0.3%, with a 0.6% de-
crease in the euro zone, according to the European Commission,
the Brussels-based EU executive.
The commission was predicting in late 2012 slight growth
in the 17-nation euro area this year, but because of worsening
economic conditions, including a fall in output in Germany in
the fourth quarter, it predicted in February that the euro zone
would experience a further decline in 2013 of 0.3%, while
the 27 nations of the EU would grow by a marginal 0.1%.
However, forecasters are expecting to see signs of a general
pick-up in Europe in the second half of this year.
Raw Material Costs
Ink producers in Europe have been hoping that with the
European economies going through yet another downturn,
they would at least beneft from an easing of the persistent rise
in raw materials costs that has been afecting downstream sec-
tors in the region over the last two to three years.
Price increases across a broad range of organic and inorganic
chemicals have been leveling out since last summer, with de-
creases in some toward the end of the year.
With titanium dioxide, which has had capacity reductions in
Europe since the 2008 fnancial crisis, there has been more of
an equilibrium between the supply and demand of TiO
2
lead-
ing to a softening of prices for the pigment.
Major players in the European TiO
2
market, such as
Huntsman, DuPont and Rockwood Holdings, owners of
Sachtleben of Germany, announced declines in sales or proft-
ability in the second half of last year.
In the fourth quarter, Rockwood reported that while sales
from Sachtleben, which specializes in TiO
2
for packaging inks,
rose by 14%, EBITDA profts plunged by 90% as margins col-
lapsed from 33% a year ago to 3%. It blamed the profts fall on
lower selling prices, higher raw material costs and a decrease in
production to reduce inventories.
Despite widespread decreases in TiO
2
prices in late 2012
and early 2013, they are expected to go up again later in the
year mainly because of stronger demand in decorative paints.
In its latest review of the raw materials market, Flint Group
warns that although in some chemical sectors prices should
continue to stabilize, they will be remaining at high levels com-
pared to previous years.
With other raw materials, prices may fuctuate between de-
creases and increases, while in segments like carbon black and or-
ganic pigments they will continue to rise, particularly because of
environmental controls on production of intermediates in China.
There is also a danger that the supply of some chemicals
will recede in the face of falling demand, which has become a
prevalent feature in inks, coatings and other formulator sectors
in recent years.
It is expected that many suppliers in the ink supply chain
will see further shrinking of demand (so) we expect a number
of suppliers to really struggle to survive, noted the Flint Group
report. The large global chemical companies will decide to
reduce output rather than go into the normal chemical pric-
ing cycle. Given their domination, due to the last fve years of
consolidation, they will succeed.
Move Toward Diversifcation
Pressure on margins from high raw material costs and sluggish
demand is forcing ink producers in Europe to diversify and
14-19 Euro ink market0313.indd 14 2/28/13 3:24 PM
Untitled-16 1 2/28/13 2:39 PM
consolidate, although not to the same degree as other sectors of
the regions printing industry.
Sun Chemical, the European market leader in printing inks,
has, in particular, been relatively busy in expanding in new
markets and restructuring in its existing activities, particularly
in hard-pressed segments like publishing inks.
In March last year, Sun Chemical announced it was merging
its publishing inks business in southeastern Europe with that of
Greek-based Druckfarben Hellas Group. The new operation
has been split into fve legal entities covering Bulgaria, Greece,
Romania and Serbia, Bosnia/Herzegovina, Montenegro and
Moldova for selling publication inks and coatings, as well as
sheetfed, UV, screen graphics inks and consumables.
Sun Chemical has extended its range of inks for printing of
glass with the introduction of UV organic inks that can be print-
ed in full color or with a thermocolor or a frosted efect.
This example of printed glass demonstrates the packaging
quality and possibilities that brands can achieve through us-
ing UV organic inks, said Robin McMillan, Sun Chemicals
European marketing manager industrial inks.
With its parent company DIC of Japan, Sun Chemical has
also been extending its activities in printed electronics. At the
recent European Photovoltaic Solar Energy conference and ex-
hibition at Frankfurt, Sun Chemical and DIC showed a range
of metallization pastes, as well as aluminum, silver and graphite
pastes for insulators and resists.
Sun Chemical and its parent company have also combined
to take over Benda-Lutz Werke GmbH, a leading Austrian-based
manufacturer of metallic-efect products. The takeover means that
Sun Chemical has a global metallic pigments operation with pro-
duction facilities in China, Austria, Poland, Russia and the U.S.
It will also enable Sun Chemical to accelerate the broaden-
ing of the scope of its metallic pigments beyond the graphic
arts market, as well as coatings and plastic sectors, into areas like
printed electronics.
The Growth of Digital Printing
In the European printing sector, digital is currently prominent
in the investment programs of ink companies. In the UK, for
example, where a lot of development work is being done in
new printing technologies, Fujiflm of Japan has just opened a
new digital ink plant at Broadstairs while upgrading an R&D
unit on the same site.
The plant, with annual capacity of 6,000 tons per year, will
increase output of UV ink from the site by 56%, mainly to
meet demand in the growing large format market. More than
80% of Fujiflms 340 employees at Broadstairs are now in-
volved in digital ink manufacture or R&D.
To stay at the forefront of digital ink technology with our
range of (digital) inks, we need to work with state-of-the-art
equipment and have the ability to increase production and
packing volumes, said Colin Boughton, operations director at
Fujiflm Speciality Ink Systems, Broadstairs. Our vision is to
remain at the forefront of this technology and to re-invest ev-
ery year in order to maintain that position.
At Huntingdon in east England, Xaar, a global leader in ink-
jet printhead development and production, has invested 22
million ($34 million) in a manufacturing expansion which has
increased the annual capacity for production of one of its latest
printheads ninefold to 45,000 units. The printhead was origi-
nally developed for the ceramic printing market, but is due to
be launched in the graphics arts market this year.
Our resource at Huntingdon is now a showcase of British
manufacturing that includes three Class 1000 clean rooms
and some highly specialized and unique equipment, said Phil
Lawler, chairman of Xaar, which develops inks for its print-
heads in partnership with a number of ink producers.
Xaar has been raising its expenditure on R&D by maintain-
ing it at an 8% share of revenues, which have been going up at
double-digit rates.
Advances in digital technologies are currently achieving the big
breakthroughs in research into new inks and printing processes.
The main point of discussion at last years drupa, the worlds
leading printing exhibition in Dusseldorf, Germany, was a digi-
tal printing technology with a nano pigment ink developed by
Israels Landa Corporation. The company is headed by Benny
Landa, a pioneer in digital printing who developed and created
the Indigo technology and business, which was taken over by
Hewlett Packard 10 years.
Landa Corporations research achievement called Nanographic
is based on nanotechnologies, which both considerably raise the
quality of color print and substantially lower its costs.
The ink comprises billions of microscopic water-based
droplets with pigment particles only tens of nanometers in size.
The water evaporates as the droplets land on a heated blanket
conveyor belt to form an ultra-thin dry polymeric flm of 500
nanometers thickness, less that half of that of ofset images.
The technology, which still has to be improved before it
can be fully commercialized, has the potential to accelerate
the growth of digital printing. It could also radically change
the structure of the printing industry because of its ability to
combine strong color concentration with low pigment loading
making printing a far more economical process.
Landa Corporations strategy appears to be to license out its
process technologies to press equipment manufacturers while
using the inks and other consumables like blankets as its major
source of revenue. The Israeli company is typical of the new
generation of developers of new printing technologies in that
the aim is not to restrict the application of the Nanographic
knowledge just to printing. It is planning to use the nanopar-
ticle innovation as a source of alternative energy through the
conversion of sun light into electricity.
Some of the established players in digital printing technolo-
gies are trying to avoid becoming over-dependent on revenues
from the manufacture of printing presses, equipment and inks,
toners and other consumables.
Project11:Layout 1 11/14/12 4:21 PM Page 1
Over the past year, some of them have been increasing their
eforts to diversify into other areas of communication technol-
ogy and, particularly, into services.
In the fourth quarter of last year, services accounted for 52%
of Xeroxs revenues after the company had concentrated dur-
ing 2012 on expanding its services businesses. It has been intro-
ducing software systems embedded in multifunctional printers
which are as a result able to be used as hubs to scan and upload
documents to cloud repositories and to send business-critical
documents directly to workfow processes.
Canon Europe launched a bid in September to take over
I.R.I.S. Group, a Belgian-based software company specializing
in optical text recognition (OCR) as part of Canons objective
of expanding into business and consultancy services.
We will be working closely with I.R.I.S. to deliver more ad-
vanced solutions and services and greater customer value, said
Rokus van Iperen, Canon Europes president and chief executive.
Konica Minolta agreed in November to acquire
Charterhouse PM, a UK-based specialist in document man-
agement for marketing planning and sales promotion, which is
in line with Konica Minoltas aim to make itself more competi-
tive in the European production print market.
The trend among digital printing companies towards more
diversifed and more services-oriented businesses has created dif-
ferent marketing policies less focused on demonstrating techno-
logical prowess and more on forging direct ties with customers.
This promotional change looks likely to afect the range
of exhibitors at next years IPEX, the second biggest inter-
national printing exhibition after drupa. It is usually held in
Birmingham, England, but next year it is moving to London.
Already Xerox and HP, previously two of IPEXs leading ex-
hibitors, have pulled out of the event.
Xerox said that with the marketing landscape changing
so fast in the graphics communications industry, it has been re-
evaluating how best to reach existing and potential customers.
We listened to what our customers were saying around the
globe, explained Jef Jacobson, president of Xerox global com-
munications. They wanted to connect with us in diferent
ways with regional and personal engagements.
HP said in a statement after announcing its withdrawal from
IPEX that we are shifting our marketing and sales focus to
more local and application-specifc events, as well as to cus-
tomer business-development programs.
Press and Paper Production
The scale of the contraction of the print media is underlined by
the amount of pulp and paper making capacity that has been
closed down in the region to try to bring supply more in line
with demand.
Stora Enso, one of Europes largest paper producers, an-
nounced in February that it would be shutting permanent-
ly 475,000 tons of annual newsprint capacity after demand
for newsprint and coated magazine paper dropped by 9% in
Europe in 2012. With decreases in paper demand average 5%
per year since 2007, this indicated a deepening slump in paper
consumption in the two largest media-driven segments, ac-
cording to the company.
This means we must accelerate capacity reduction plans
to avoid running cash zero or even negative businesses, said
Jouko Karvinen, Stora Ensos chief executive.
UPM, another of Europes major paper makers, revealed
at the beginning of this year plans to close 580,000 tons of
graphic paper capacity in Europe. In addition to closures al-
ready announced, the company will be shutting down a total
of 850,000 tons of graphic capacity paper capacity.
In the overcapacity situation we need to adjust our capac-
ity to the level of proftable demand, said Jyrki Ovaska, presi-
dent of the UPM Paper Business Group.
Norwegian-based Norske Skog reduced capacity over the past
year by around 18% to 3.7 million tons, mainly newsprint and
magazine paper. This helped to maintain capacity utilization at
nearly 90% and to achieve a 36-fold increase in operating proft.
Cutbacks in production by press equipment manufacturers
are also improving their proftability and increasing utilization
rates by slimming down and concentrating production capacity.
Koenig & Bauer AG (KBA), the second largest printing press
maker behind Heidelberg and the leader in newspaper presses,
disclosed late last year that it would be transferring web-press
production at Trennfeld, Germany, to its main site 16 miles
away at Wurzburg.
From any economic point of view, keeping only two partly
utilized plants open does not make sense, said Claus Botza-
Schuenemann, KBA chief executive. Our web business can
only look positively into the future when all employees, space
and equipment available are fully utilized.
The KBA group, which has a 40% global market share for
newspaper presses, is the only major press manufacturer whose
fnancial results have remained in the black since 2009. This has
been mainly because of its presence in non-media sectors such
as packaging and security printing.
During its current fnancial year to the end of March,
Heidelberg has been increasing sales and cash fow after boost-
ing its orders at last years drupa.
In the third quarter ending on Dec. 31, 2012, sales went up
9% while operating proft excluding special items rose 11 fold
to 25 million ($33 million). However over the nine months in
which sales rose by 5% to 1.9 billion, operating loss was 68%
higher at 32 million.
Like other printing press makers, the company is attempting
to diversify its activities to raise proftability. One area of expan-
sion has been the distribution of inks and other consumables.
In October it took over the Swiss distributor OFS Group so
that after being merged with Heidelbergs existing distribu-
tion operation in Switzerland, it has become a leading dealer in
consumables in the graphics industry.
Just like our successful customers, we must be dynamic
in focusing our portfolio on proftable segments, said Gerold
Linzbach, Heidelbergs chief executive.
However, in areas like food packaging, there is likely to be a
trend away from the supplying of inks and consumables through
distributors to more direct links with producers.
A food scare across Europe in January and February this
year over horse meat being found in a relatively high number
of packages labeled as beef products is forcing food produc-
ers and retailers to become much stricter
about the safety and contents standards of
their brands.
Brand owners, including supermarket
chains with private brands, are now be-
ginning to monitor even more closely the
quality of food packaging, including the
long-standing issue of food migration. The
horse meat scandal has raised public anxi-
ety about other possible sources of food
contamination, such as chemicals migrating
from the packaging material into food.
In response to public concerns, food
processors and retailers are demanding
more direct contact between the key points
of the supply chain, particularly between
ink and packaging producers. This year,
tighter regulations will provide an even
bigger impetus for closer controls on pack-
aging supply chains.
The German government is due this
year to introduce a Consumer Goods
Ordinance covering the quality of food
packaging inks, including limits on migra-
tion. The Ordinance is likely to become
a new standard not only in the European
Union but across Europe.
It will certainly lead to an ofcial en-
forcement of migration limits e.g. for
photoinitiators and binders in the feld
of UV printing, which should be taken ex-
tremely seriously, said Sandro Leuenberger,
senior manager global HSE at Siegwerk.
The new ordinance is expected to be
published in the course of 2013 and will
provide a legal basis for ordering product
recalls and material impoundments.
Tougher regulations on food migration
will be just be one of a number of challeng-
es in HSE facing ink producers in Europe
this year.
Compliance with REACH the EU
legislation on the registration, evaluation
and authorization of chemicals will be-
come more difcult as it is extended to
the content of safety data sheets (SDSs). Also the European
Commission is stepping up its eforts to enlarge the ofcial
EU list of substances of very high concern (SVHC), which ink
producers and other formulators will only be able to use if they
cannot fnd safer alternatives.
European Editor Sean Milmo is an Essex, UK-based writer special-
izing in coverage of the chemical industry.
The Pigment Report
While leading pigment manufacturers saw
improvements in sales in 2012, executives say they
expect more changes to come in 2013.
BY DAVID SAVASTANO
EDITOR
DSAVASTANO@RODMANMEDIA.COM
M
uch like the ink industry, pigment manufacturers
have gone through some challenging times in recent
years. Raw material costs and supply have been con-
cerns, and changes in the printing market combined with the
global economic downturn also impacted pigment companies.
The economy has improved somewhat, and in general, pigment
executives reported that they enjoyed some growth in 2012.
Sun Chemical Performance Pigments saw a positive up-
swing in the global pigments market in 2012, but still not to
pre-recession levels, said Mehran Yazdani, vice president, mar-
keting, Performance Pigments, Sun Chemical. That being said,
we faced lower demand in Europe due to the economic down-
turn and stronger demand in the U.S., South America and Asia.
As a leading global pigment manufacturer, we are optimistic
that Sun Chemical Performance Pigments will overcome glob-
al economic challenges and see continued growth for the pig-
ments market in 2013.
Don McBride, chief operating ofcer for Heucotech Ltd.
(a Heubach company), noted that Heubach had a good year in
2012, and continued to introduce new products to the market.
Heubach introduced two new high performance organic
pigments in 2012 (PY 151 and PV 19) to increase our color
palette, said Mr. McBride. Sales of pigments and pigment
preparations in 2012 exceeded the prior year, and the same is
expected for 2013. Competition within pigment, preparation
and ink industries remains ever present, and new technology to
meet our customers needs is the best path to growth.
Overall, Emeralds business was strong, with new product
oferings and an expansion of business in our traditional busi-
ness markets, said John Erbeck, product line manager, Emerald
Performance Materials.
While the publication ofset and gravure markets have suf-
fered declines, sales of packaging and digital inks have grown.
LANSCO Colors grew in 2012 as our customers continued
to be successful with our products, said Frank Lavieri, general
manager and executive vice president for LANSCO Colors.
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The Pigment Report
We experienced strong growth in 2012 in the packaging ink
market, which continues to look for new pigments to make
attractive consumer packaging.
Business was steady for us in 2012, said Andy Grabacki,
vice president of sales for General Press Colors. We started to
see signs of a slight pickup towards the end of 2012, but 2013
has gotten of to a rough start and doesnt show signs of picking
up at least during the frst half of the year.
For the printing ink industry, Trust Chem saw an even big-
ger drop in demand than expected for publication gravure inks
worldwide, said Li Wu, co-owner and technical director of Trust
Chem China. Trust Chem worked hard despite this to over-
come with new business and increased market share in sales for
other types of inks. We have had special success with niche pig-
ments and high performance pigments for specialty inks.
Sincol USA experience signifcant growth in 2012,
said Bill Gray, business manager, Sincol USA. Packaging
inks continue as our frst target segment of the ink industry.
Consolidation of manufacturers and suppliers to the corru-
gated industry also proved benefcial to Sincol. Overall, we are
quite pleased with our overall growth in 2012.
In 2012, pigment manufacturers were struggling due to the
decrease in the market, said Sam Lui, president of Hangzhou
Colorful Pigment Co., Ltd./Yancheng Trusty Pigment
Manufacturing Co., Ltd. We found that most customers are de-
veloping new technology to produce ink for the market.
Meghmani Organics Ltd.s Pigment Division achieved a
5% increase in terms of value, said Yash Chitnis, head, interna-
tional business - pigments and additives, Meghmani Organics
Ltd. The phthalocyanine pigment industry in India in general
during 2012 was under severe pressure due to stringent environ-
mental norms, thereby causing substantial reduction in produc-
tion capacities, and reduced demands from the ink industry.
Metallic and specialty pigment manufacturers also reported
that they enjoyed strong years in 2012.
As a supplier of special efect pigments and fnished inks,
ECKART had a relatively good year in 2012, said Neil
Hersh, business line manager, graphic arts, ECKART America
Corporation. We did see more variability than usual in
month-to-month activity throughout the year, with some soft-
ness towards the end of 2012. It was more difcult than usual to
plan the year due to the unpredictability in the economic and
political climate both domestically in the U.S. and globally.
Brilliant had yet another very strong year of growth in
2012, said Darren Bianchi, president of Brilliant Group. We
are seeing a rapid rise in demand for fuorescent pigments and
inks globally. For us, 2013 has already started out far beyond
plan, and we expect this to continue due to current fashion
trends. Fluorescents are hot with designers and the textile and
athletic wear markets are driving demand, and products weve
recently developed for UV inks are also experiencing substan-
tial growth. Weve worked to develop a global distribution net-
work and it has served us well.
Signs of Improvement in the Ink Industry
Pigment executives said that overall, there were improvements
in the ink industry, though some markets did not fare as well
as others.
There were some areas of improvement, but this was very
market segment specifc, Mr. Hersh said. The publication and
commercial printing markets continue to struggle due to struc-
tural changes in the printing industry as a result of electronic
media and digital, while the label and fexible packaging mar-
kets continue to show positive signs as these growth markets
are linked more to population and product consumption.
Based on our interaction with key ink manufacturers, the
publication segment is very sluggish and chances of recovery
are slim, while there will be steady growth in the packaging
segment, Mr. Chitnis said.
Trust Chem expects to see signifcant growth in 2013, es-
pecially in applications other than printing ink and especially
in our growing range of niche and high performance pig-
ments, Mr. Wu said. We do not expect that the ink industry
worldwide will see much growth in 2013. We are expecting
price competition, especially for commodity pigments for ink,
to continue to be intense.
We are expecting steady growth within packaging inks,
Mr. Gray said. On the pigment side, our parent company
Sincol Corp. is just now undergoing a signifcant expansion
in our overall capacity, along with a major investment in water
treatment and environmental controls. We are convinced the
future growth and supply of organic pigments will hinge on
ever increasing environmental demands.
We are seeing increased internalization of product in the
ink industry, while greater competitive threats are commoditiz-
ing many areas of the ink market, Mr. Erbeck said. Finding new
value by ofering innovative products with specialized features
are allowing us to remain strong in the ink industry.
The Raw Materials Market
Raw materials have been a huge concern for pigment manu-
facturers for the past few years, as prices have skyrocketed and
some key ingredients have been in short supply. The good news
is that 2012 brought a more stable market for these materials.
Mr. McBride noted that 2012 was much more stable for
most of the raw materials then in recent history with respect
to supply and cost.
We still need to stay diligent with respect to forecasting for
materials with a long pipeline, but this past year was not com-
parable to the instability of 2010-2011, Mr. McBride added.
Mr. Erbeck agreed that staying on top of the raw material
situation is key to maintaining supply. This is always a chal-
lenge, he said. Our procurement teams are always negotiating
in advance of any increases and getting ahead of the curve on
supply issues.
Overall, raw material prices and supply were stable in
2012, Mr. Gray said. Spot shortages continue, again mostly
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Untitled-27 1 2/26/13 2:29 PM
The Pigment Report
connected to increasing environmental requirements in all in-
dustries in China.
Mr. Hersh said that metallic pigment manufacturers also saw
more stability in their key raw materials.
Overall, the specialty chemical industry saw more stable raw
material prices and availability than in the previous few years,
and the same was true for our largest materials aluminum and
copper, Mr. Hersh said. There is still ongoing concern about
future raw material supply, but that tends to be more specifc
to supply source as manufacturers continue to rationalize their
product portfolios and also look to further consolidate.
Environmental regulations are causing some shortages.
In 2012, the strict environmental norms compelled many
manufacturing companies to cut down production by almost
30% to 50%, Mr. Chitnis said. Further, the continuous up-
ward fuctuation in copper prices, the recent anti-dumping im-
posed in India on phthalic anhydride and increase in the cost
of waste water treatment has increased the prices of fnished
phthalocyanine pigments substantially.
It was a headache, Mr. Lui said. Short supply and price
changes are the problems we have to face and overcome.
Even though raw material costs stabilized, they did so at
high levels.
One key trend and challenge we saw in 2012 was the
sustained high costs of raw materials, Mr. Yazdani said. Sun
Chemical Performance Pigments anticipates that the raw ma-
terial prices will remain at their current high levels. However,
we are certainly aware of the high degree of volatility in the
global economy. Therefore, we will continue to monitor the
key raw material indexes and focus our manufacturing team on
process and raw material productivity. In addition, we continue
to see increases in regulatory compliance costs.
At the moment, there is not signifcant instability in pricing
or tight supplies for organic pigment, Mr. Wu said. However,
there is certainly a chance this will change later in 2013 as de-
mand increases and petrochemical prices continue to rise. In
2012 and maybe again in 2013, currency instability worldwide
may have an efect on pricing. Competition has reduced mar-
gins, so increased cost would have to be pushed through quickly.
New Products
New products are the lifeblood of any industry, and pigment
manufacturers have launched a wide range of new products for
the ink industry.
Sun Chemical has a wide variety of new pigments for the
ink industry. With its acquisition of Benda-Lutz, Sun Chemical
now ofers Benda-Lutz Metallic Efects, which are tailored for
market-leading metallic brilliance, coverage, adhesion prop-
erties, low migration and sustainability. Sun Chemical has
introduced its Flexiverse and Sunsperse APE-Free Blue 79
Dispersions for water, based on breakthrough pigment man-
ufacturing technology. These water-based aluminum phtha-
locyanine blue dispersions allow for copper-free formulation
without the molybdenum, selenium and solvent residuals com-
monly associated with conventional aluminum blue.
Sun Chemicals expansion of regulatory-friendly products
continues with Sunsperse ECO. These APEO-, VOC- and
resin-free aqueous pigment dispersions are formulated for wa-
ter-based applications requiring fastness, durability and narrow
color specifcations.
Sunbrite Yellow 74 Pigment is designed for aqueous sys-
tems. This monoarylide pigment is a popular choice for digital
inkjet ink designers and provides the properties that are critical
to quality. This pigment reduces pigment loading requirements,
improves viscosity and particle size stability, optical density
with the color consistency and purity for aqueous digital inkjet
applications.
Heubach remains committed to bringing new innovation
and technologies to our customers and markets, Mr. McBride
said. Ongoing R&D for organic and inorganic pigments and
pigment preparations is a mainstay for our organization. We are
looking for increased strength and lower TSR values for our
CICPs, several more organic high performance pigments and
dry and wet preparations which address resistance properties
and unique color space.
ECKART has been active on the R&D front, introducing
new inks and pigments.
RotoStar UV FP66 is a series of UV fexo inks that can
be printed on paper and flm, ofering much longer shelf-
life stability than existing UV fexo products in the market,
as well as creating superior metallic brilliance with increasing
press speeds, Mr. Hersh said. We have introduced several new
products for shrink sleeves: RotoStar UV Shrink Silver FP68-
41002 for UV fexo and PlatinStar GX-2902 Silver for solvent
fexo and gravure.
Luxan glass fakes have been created to provide a range of
cleaner, smoother colors for the printing industry, Mr. Hersh
noted. Due to stricter European regulations, we have intro-
duced our FPG series of low migration ofset inks, manufac-
tured under GMP guidelines in a dedicated manufacturing
facility to prevent contamination and which meet the most
stringent migration requirements. MetalStar Supereco 10 is a
cobalt- and mineral oil-free range of ofset inks that have also
been introduced to meet specifc packaging requirements.
For the ink industry, we have launched our new line of
energy cure colors called Lucida Colors ECF for fexographic
and screen applications and Lucida Colors ECS for ofset ap-
plications, Mr. Erbeck noted. These products are designed to
ofer increased functionality, imparting adhesion and excellent
cure to the ink maker. The chemistry allows for wide compat-
ibility with many ink formulations and gives the user a low
odor product to work with. In addition to the energy cure
products, we are launching our new line of inkjet dispersions
called Lucida Colors IJ SDP. These self-dispersed pigments
specifcally designed for water-based inkjet inks that ofer
higher optical density on black, great stability and the best light
The Pigment Report
stability in the market for our Pigment Yellow 180.
Mr. Wu noted that Trust Chem is developing new high per-
formance pigments.
Trust Chem has already successfully developed some
new HPPs (high performance pigments) with a reasonable
price, Mr. Wu said. At the same time, we have started acquir-
ing some new market share and we believe that we will get
more in future. Trust Chem is especially excited about our new
improved quality, low cost Yellow 155 that we have developed
with special grades for water and solvent inks. We think our
Yellow 155 may eventually replace hansa yellows in selected
printing ink applications.
Mr. Wu noted that In Europe, the REACH registration pro-
cess continues to be a big topic,
May 31, 2013 is the deadline for the registration of high
volume products (100 metric tons per year), Mr. Wu said. Trust
Chem expects to have about 30 diferent pigment chemistry
registered by this deadline. We believe this will be more than
any other Asian supplier of organic pigment. We expect at least
some of our competitors will have to stop selling some or even
all of their pigment after May 31 in the European market.

Expectations for the Coming Year
Despite the improvements that many pigment manufacturers
saw in 2012, pigment executives said they expect more changes
in 2013.
In the graphic arts market, the increasing use of non-
impact printing methods such as inkjet means increased de-
mand for high performance pigments at the expense of those
conventional pigments used in traditional printing inks, Mr.
Yazdani said. Overall, we expect fat to declining demand for
publication ofset by continued growth in packaging.
From the market segment viewpoint, we expect continued
growth in automotive, architecture, fber, nylon, specialties, and
niche markets, Mr. Yazdani added. The automotive market
has seen an increase in demand for unique color and efects.
This trend continues to help fuel the continued growth in high
performance and efect pigments.
Mr. Grabacki said that the ofset printing market is changing.
The industry appears to still be shrinking, coinciding with
the consolidation of printers, foreign competition, the econ-
omy, digital media and in general, less demand for print, Mr.
Grabacki said. It does not look good for the ofset market.
Mr. Hersh said that ECKART hopes that there will be more
stability in the market. This would allow us to better serve
our customers and to plan our activities more efciently, he
added. As more brand owners and consumer packaging com-
panies look to diferentiate their products, metallic inks present
cost efective, decorative solutions. We are looking forward to
a successful 2013, and see potential growth for special efects
using printed metallic inks versus alternative technologies such
as metalized substrates and foil stamping.
Heucotech Ltd., a Heubach company, is looking for sus-
tained growth again in 2013 despite the tough business cli-
mate, Mr. McBride said.
Mr. Gray said he expects that 2013 will continue to see both
consolidation and elimination of traditional pigment suppliers.
The cost to meet the new and newly enforced envi-
ronmental regulation inside China will result in a signifcant
number of traditional pigment sources closing their doors,
Mr. Gray added. Sincol Corporation is well placed with its
expanded plant capacity and commitment to environmental
consciousness.
Pigment company leaders say that developing innovative
new pigments are one way to ensure that their company moves
forward in the coming years.
This year will continue to challenge us in a very competi-
tive market, but our forward thinking and innovation will al-
low us to overcome these challenges, Mr. Erbeck said. New
market oferings in energy cure and inkjet will only solidify
our reach in the ink industry and keep Emerald Performance
Materials strong for years to come.
While we are hopeful for improvement in the economy
in 2013, we are not relying on it, Mr. Lavieri said. We have
launched several exciting new products 2012 and will launch
more in 2013. We have also added more personnel and labora-
tory equipment to continue to fnd new ways to bring value
to our customers.
We expect pigment demand in the ink industry to be fat in
2013, especially in Europe, and expect slight improvement in the
U.S., said Mr. Wu. However, at Trust Chem, we are much more
optimistic that we will see good growth with our signifcant
number of new products introduced over the past two years.
For more information on The Pigment Report, please see www.ink-
worldmagazine.com.
New Pigments
The following listing includes new pigment products intro-
duced to the ink industry last year.
Emerald Performance Materials
Specialties Business Group
2235 Langdon Farm Road
Cincinnati, OH 45237
Phone: (800) 477-1022
Fax: (513) 841-3771
Web: www.emeraldmaterials.com
E-mail: colors@emeraldmaterials.com
New Products:
Lucida Colors Energy Curable Colorants
Comments: Lucida Colors Energy Curable colorants were
launched in 2012, and have been well received. The new en-
ergy curable dispersions are designed to address some critical
The Pigment Report
needs - low odor, high functionality combined with high pigment solids and
color strength while maintaining pourability and excellent handling. They are
available in full palette for fexographic and screen applications and CMYK for
ofset printing applications.
CMYK Inkjet Dispersions
Comments: The company plans to expand its products for digital printing in
2013. In addition to its Hilton Davis dyes for digital printing such as DB-19,
CMYK inkjet dispersions are being designed to provide outstanding perfor-
mance, such as unparalleled stability, high optical density and light fastness.
Heucotech Ltd. (a Heubach company)
99 Newbold Road
Fairless Hills, PA 19030
Phone: (215) 736-0712 ext. 117
Fax: (215) 736-2249
Web: www.heubachcolor.com
E-mail: donmcbride@heubachcolor.com
New Products:
Monolite Red 301901 PV 19
Comment: Monolite Red 301901 is the bluish red shade PV 19. It ex-
hibits excellent durability and lightfastness, making it useful for a variety of
applications.
Monolite Yellow 115101 PY 151
Comment: Monolite Yellow 115101 is a green shade yellow pigment of-
fering excellent lightfastness, weatherfastness and opacity. It is completely
resistant to major organic solvents and is used in applications where high per-
formance is required.
Aquis Plus RWP1460 PR 146 Preparation
Comment: RWP1460 is a highly pigmented naphthol red aqueous disper-
sion that can be used in both specialty ink and coatings applications.
Aquis Plus OWP1601 PO 16 Preparation
Comment: OWP1601 is highly pigmented diarylide orange aqueous disper-
sion that is used in packaging and specialty inks.
LANSCO Colors
One Blue Hill Plaza
Pearl River, NY
Phone: 1-888-4-LANSCO
Fax: (845) 735-2787
Web: www.pigments.com
E-mail: Frank@pigments.com
New Products:
522 BON Maroon Red 52:2
Comments: This pigment is a blue shade red with mid-range fastness prop-
erties that can be a cost efective option for various coatings. It is commonly
used in coatings that are designed to freshen up the appearance of items that
are frequently repainted due to high levels of wear and tear. Bon Maroon is
used in formulating brush coatings as well as low cost aerosol spray paints.
1073 DPP Orange 73
Comments: This is a high performance orange pigment with excellent
fastness properties that can be the most cost efective choice where outdoor
How can I
improve the
stability of my
water-based carbon black
pigment dispersion?
Ask the Expert
Jeanine
Snyder
Senior
Development
Chemist
Q
A stable pigment disper-
sion is critical to application
performance. Formulating
issues such as shock, foc-
culation, foating or food-
ing can develop when improperly stabi-
lized pigment dispersions are let down
into ink or coating systems. Air Products
has developed Carbowet
300 surfactant,
specifcally designed to achieve excellent
wetting of hydrophobic materials leading
to rapid incorporation of dry pigments
and improved milling effciency during
the dispersion process. Carbowet 300
surfactant is designed to provide strong
particle affnity and robust stabilization,
minimizing stability problems in your
system. Using Carbowet 300 surfactant
in combination with a grinding resin can
improve the viscosity stability of carbon
black dispersions. Dispersions containing
Carbowet 300 surfactant offer improved
initial viscosities as well as better viscosity
and dispersion stability after three weeks
at 50 C when compared with disper-
sions prepared with a grind resin alone.
Solvent- and APE-free, this cost-effective
surfactant offers improved dispersion and
viscosity stability in resinated pigment
dispersions where it functions as an
environmentally preferable alternative
to APEs and other surfactants used to
provide color stability in printing inks
and coatings.
A
tell me more
www.airproducts.com/
surfactants
Air Products and Chemicals, Inc., 2012 (34595) N15
The Pigment Report
durability is needed.
Sun Chemical Performance Pigment Group
5020 Spring Grove Ave.
Cincinnati, OH 45232
Phone: (513) 681-5950
Fax: 513-632-1316
Web: www.sunchemical.com/performancepigments/
E-mail: lynn.campbell@sunchemical.com
New Products:
Benda-Lutz Metallic Efects
Comments: Sun Chemical is rapidly expanding this new
brand of metallic pigments for graphic arts. Benda-Lutz Metallic
Efects are tailored for market-leading metallic brilliance, cov-
erage, adhesion properties, low migration and sustainability.
Flexiverse and Sunsperse APE-Free Blue 79 Dispersions for Water
Comments: Based on breakthrough pigment manufacturing
technology, these water-based aluminum phthalocyanine blue
dispersions allow for copper-free formulation without the mo-
lybdenum, selenium and solvent residuals commonly associated
with conventional aluminum blue. Sun Chemical Performance
Pigments growing line of aluminum blue preparations delivers
superior quality, excellent value and regulatory peace of mind.
Sunsperse ECO
Comments: These APEO-, VOC- and resin-free aqueous
pigment dispersions are formulated for water-based applica-
tions requiring fastness, durability and narrow color specif-
cations. Sunsperse ECO combines performance and stability
while meeting regulatory and reporting needs.
Sunbrite Yellow 74 Pigment for Aqueous Systems
Comments: This monoarylide pigment is a popular choice
for digital inkjet ink designers and provides the properties that
are critical to quality. It reduces pigment loading requirements,
improves viscosity and particle size stability, optical density
with the color consistency, and purity for aqueous digital ink-
jet applications.
Trust Chem USA LLC
1050 Main St., Suite 22
East Greenwich, RI 02818
Phone: (401) 398-7301
Fax: (401) 398-7321
Web: www.trustchemusa.com
E-mail: rick@trustchemusa.com
New Products:
Pigment Yellow 185
Comments: Pigment Yellow 185 is an isoindoline yellow, a
high performance yellow of special interest for solvent inks
with good transparency and color strength.
Pigment Red 242
Comments: Pigment Red 242 is a disazo red, high quality
yellow shade red for specialty inks.
Pigment Yellow 180
Comments: Pigment Yellow 180 is a benzimidazolone yellow,
ofering high heat stability and a new lower cost grade for ink.
Pigment Yellow 155
Comments: Pigment Yellow 155 is a disazo yellow, ofering
high tinting strength, excellent properties and new lower cost
grades for printing ink, as well as excellent soap and butter
resistance.
Pigment Yellow 93
Comments: Pigment Yellow 93 is an azo condensation yel-
low, ideal for plastics and as a niche product in ink.
Pigment Yellow 95
Comments: Pigment Yellow 95 is an azo condensation yel-
low, ideal for plastics and as a niche product in ink.
Yancheng Trusty Pigment Manufacturing Co., Ltd.
Chenjiagang Chemical Zone
Xiangshui,Yancheng
Jiangsu, China
Phone:+86 571-2285-2802
Fax: +86 571-8265-2855
Web: www.pigment.cn
E-mail: sam.lui@pigment.cn
New Products:
HC Yellow 1203 (Y.12)
Comments: HC Yellow 1203 (Y.12) is ideal for coldset ink.
Comments: HC Yellow 1205 (Y.12) is ideal for matching
DHG.
Comments: HC Yellow 1303 (Y.13) is designed for solvent-
based ink and ofers good transparence and good fow.
HC Yellow 1303F (Y.13)
Comments: HC Yellow 1303F(Y.13) is designed for sol-
vent-based ink, with better fow than Yellow 1303 and good
transparence.
Comments: HC Yellow 8302 (Y.83) for solvent-based ink
provides good transparence and good fow.
HC Red 5313 (R53:1)
Comments: HC Red 5313 (R53:1) for solvent-based ink
ofers good transparence and good fow.
HC Rubine 5702 (R57:1)
Comments: HC Rubine 5702 (R57:1) for solvent-based ink
ofers good transparence and fow.
Comments: HC Rubine 5709 (R57:1) is ideal for heatset
ink. It ofers good gloss, transparence and fow.
Comments: HC Rubine 5710 (R57:1) for heatset ink ofers
good gloss, transparence and fow.
NORTH AMERICAN
TOP 20 REPORT
March/April 2013 www.INKWORLDMAGAZINE.com 29
T
he past few years have been challenging for most printing ink manufacturers, particularly on the publication and com-
mercial side. They have been forced to contend with the di cult combination of a global economic downturn and a
dramatically changing printing market where consumers are increasing turning to other sources such as the Internet for
their information. Meanwhile, raw material prices soared, particularly crude oil, leaving ink companies at a loss, in many cases
quite literally, as they tried to get their own price increases from printer customers.
As we proceed into 2013, things seem somewhat quieter for the moment. The worldwide economy is growing slightly, al-
though that could change quickly. Raw material costs have stabilized for the most part, although at much higher levels that previ-
ously seen. Raw material supply has stabilized.
Unfortunately, the publication and commercial printing markets have not improved, which is bad news for ink manufacturers
who specialize in these markets, as overcapacity continues to put pressure on margins.
For ink companies primarily in the packaging and digital elds, the news is much better. These markets have proved to be
recession resistant, and continue to grow.
In this years North American Top 20 Report, the ink executives we spoke with reported that stable raw material prices are
allowing them to catch their breath and contemplate what needs to be done next, including trying to improve depressed margins.
In most cases, these leaders are cautiously optimistic about 2013, although these executives remain wary, knowing that changes
can come quickly. If recent years are a guide, 2013 will likely hold more challenges to come.
David Savastano
Ink World Editor
dsavastano@rodmanmedia.com
North American Top 20 Report
29 IW TOP 20 EDIT0313.indd 29 3/1/13 4:17 PM
North American Top 20
The North American
Top 20 Rankings
1. Sun Chemical $1,500* $3,500 (Sun Chemical)** 1
2. Flint Group $1,000* $3,000 (Flint Group) 2
3. INX International $335 $1,410 (Sakata INX) 3
4. CR/T $240* 5
5. Siegwerk $222 $1,160 (Siegwerk Group) 4
6. DuPont Ink Jet $175* 6
7. Wikof Color $165* 7
8. Hostmann-Steinberg $140* $1,030 (Huber Group) 8
9. Sanchez SA de CV $131 9
10. Toyo Ink America $112 $1,670 (Toyo Ink) 10
11. EFI, Inc. $95* 12
12. Fujiflm North America, GSD $90* $366 (Fujiflm) 11
13. American Inks & Coatings $85 13
14. Nazdar $75* 14
15. Central Ink $65 15
16. SICPA Securink $60* $400* (SICPA Group) 15
16. Superior Ink $60 15
16. Van Son $60* $140* (Royal Dutch Van Son) 15
19. Color Resolutions $55* 19
19. Ink Systems $55 19
19. Sensient Technologies $55 19
* Ink World estimate
** Parent company DIC Corporation has global ink sales of $4.52 billion
Company North American Ink Sales Global Ink Sales (Parent) Last Year
(in millions) (in millions)
American Inks & Coatings ...................................... p. 48
Central Ink ............................................................ p. 49
Chemical Research/Technology .............................. p. 38
Color Resolutions ................................................... p. 51
DuPont ................................................................... p. 41
EFI, Inc. ................................................................. p. 45
Flint Group ............................................................ p. 36
Fujiflm North America .......................................... p. 46
Hostmann-Steinberg ............................................... p. 43
Ink Systems ............................................................. p. 52
INX International .................................................. p. 37
Nazdar ................................................................... p. 48
Sanchez SA de CV ................................................. p. 44
Sensient ................................................................. p. 53
SICPA ................................................................... p. 50
Siegwerk ................................................................ p. 40
Sun Chemical ......................................................... p. 32
Superior Printing Ink .............................................. p. 50
Toyo Ink ................................................................. p. 45
Van Son .................................................................. p. 51
Wikof Color ......................................................... p. 42
Companies Listed By Page Number
30 The North American Top 20 Rankings.indd 30 3/1/13 4:18 PM
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Sun ChemiCal Corporation
35 Waterview Blvd.
Parsippany, NJ 07054
Phone: (973) 404-6000
Fax: (973) 404-6001
www.sunchemical.com
Sales: Sun Chemical had annual sales of $3.5 billion in print-
ing inks and colorants worldwide. North American Ink Sales:
$1.5 billion (Ink World estimate).
major products: Broad product portfolio with capabilities
in web heatset and sheetfed ofset; publication and packaging
gravure; news ink and publication coldset; fexographic pack-
aging inks; corrugated packaging inks; energy curable inks
and coatings; screen inks, label and narrow web inks, toner,
inkjet materials, adhesives for packaging, overprint varnishes,
specialty coatings, efect inks, fexographic printing plates,
digital artwork fle management, color software and brand
color management, printed electronics, security inks and
coatings, and organic colorants for inks, plastics, paints, coat-
ings and cosmetics.
Key personnel: Rudi Lenz, president and CEO, Sun
Chemical and Board member
Key leaders (in alphabetical order):
Martin Cellerier, VP, corporate strategy;
Robert Fitzka, group managing director,
Europe Central Region; John Gowlett, VP,
global operations; Greg Hayes, group man-
aging director, Europe Northern Region;
Gregory Lawson, president, Sun Chemical
Latin America; John McKeown, senior VP,
chief administration ofcer; Felipe Mellado,
chief marketing ofcer and Board member;
Charles Murray, president, North American Inks; Carlo Musso,
group managing director, Europe Southern Region; Myron
Petruch, president, Performance Pigments; Bradley Schrader,
VP, corporate planning; Edward Pruitt, chief procurement
ofcer; Russell Schwartz, chief technology ofcer; Mehran
Yazdani, GM DIC America & Electronic Materials.
number of employees: More than 8,000 worldwide.
operating Facilities: Sun Chemical has more than 300
manufacturing and service locations worldwide and more than
200 customer in-plant locations in the U.S. alone.
Comments: Sun Chemical had a comparable year to 2011, as
the company continued to recover volume in all of its sectors,
but the company continues to face the same challenges as it
moves ahead.
In particular, Charles Murray, president, North American
Inks for Sun Chemical, noted that the publication and com-
mercial sheetfed markets continue to struggle, adding that the
shift in the publications market has been drastic. Sales in this
market have not recovered to pre-recession levels and we dont
expect that they will, Mr. Murray said.
By contrast, Mr. Murray reported that Sun Chemical en-
joyed moderate growth in 2012, led by fexible packaging,
and the company is working with brand owners and major
packaging groups to provide solutions for specialized packag-
ing. He added that Sun Chemical will continue to see growth
in the fexible packaging segment, particularly in value-added
packaging, as the market moves toward functional and sensory
packaging. He believes that further growth will come from the
narrow web, tag, and label businesses, as well as the folding
carton segment.
To meet the needs of their customers, Sun Chemical is in-
vesting in manufacturing, processes and products, despite the
challenging economy.
In July, Sun Chemical Performance Pigments acquired
Benda-Lutz Werke GmbH, a leading manufacturer of metal-
lic efect products based in Austria. The acquisition allows Sun
Chemical to purchase 100% of the shares, assets and business
from Benda-Lutz and would expand its product portfolio in
metallic efects. With the acquisition, Sun Chemical adds pro-
duction facilities in Austria, Poland, Russia and the U.S. to ac-
company its aluminum pigment manufacturing site in China,
forming the basis of a new global Metallics Business Unit as
part of Sun Chemicals Performance Pigments Division.
The company also opened two major new facilities. In
June, Sun Chemical reinforced its commitment to customers
in Montreal and the Province of Quebec with the opening of
its new 50,000 square foot state-of-the-art ink manufactur-
ing plant in Laval, a $3.1 million (CAD) investment designed
to provide stronger customer service, improve efciency and
reduce costs.
The new facility consolidates four manufacturing plants lo-
cated in Ottawa, Quebec City and two buildings located in the
Montreal suburbs of Boucherville and Anjou.
Also in 2012, Sun Chemical invested $9.1 million to build a
brand new printing ink manufacturing plant in San Bernardo,
Chile, a suburb of Santiago. Primarily a manufacturer of packaging
inks, the facility is expected to produce 10,500 tons of inks an-
nually that serve its principal domestic customers as well as other
locations across South America, including Brazil and Argentina.
Sun Chemical received numerous honors this year. In
September, Sun Chemicals UK and Ireland Customer Service
Center, based in Traford Park, was awarded the 2012 Customer
Service Excellence Award by the British Printing Industries
Charles Murray
32-53 IW NA TOP 20 REPORT 2013.indd 32 3/1/13 5:38 PM
Trust Chem- A Unique Supplier of Organic Pigment
Visit us at the European Coatings SHOW 2013
Hall 7, Booth No. 625
TRUST CHEM USA
1050 Main Street,Suite22,East Greenwich,Rhode Island 02818
Tel:401 398 7301 Fax:401 398 7321
E-mail:info@trustchemusa.com
Web:www.trustchemusa.com
Untitled-22 1 2/7/13 11:48 AM
Federation (BPIF). The BPIF awards are
intended to reward and showcase the
most innovative and creative companies
across the print media spectrum and are
recognized as the benchmark for busi-
ness acumen in the print sector.
Other honors went to Edward Pruitt,
Sun Chemicals chief procurement of-
fcer, as the 2012 Man of the Year
by the Metro New York Printing Ink
Association. Moe Rahmeh, a techni-
cal manager for Sun Chemical in the
Dallas/Fort Worth region, received the
2012 National Association of Print Ink
Manufacturers (NAPIM) Printing Ink
Pioneer Award, which honors longevity
and service in the print industry, com-
mittee work, technical contributions and
service to associations.
In terms of raw materials, Mr. Pruitt
noted that while Sun Chemical has not
experienced this year the widespread
shortages and allocations that plagued the
industry two years ago, the raw material
supply chain is a continuing concern to
Sun Chemical.
A sharp uptick in demand from the
emerging markets or developed econo-
mies could quickly put products like
titanium dioxide, nitrocellulose, carbon
black and some pigments in very tight
inventory positions, Mr. Pruitt said. We
also need to be mindful of the potential
impact of global weather conditions on
such raw materials as gum rosin, ethanol
and vegetable oils.
In general, at Sun Chemical we see a
continuation of the current moderation
trend in the raw materials market this
year, Mr. Pruitt added. This outlook is
based on the assumption that the tepid
economic performance that is being
seen in North America, Europe and in
Asia will continue for the last quarter of
this year. The great wild card here is the
price of oil, which has regained strength.
If prices do not retrench, it will start to
drive the cost of oil and petrochemical
derivatives upward.
Sun Chemical launched a number
of new products this year. In July, Sun
Chemical was awarded an InterTech
Technology Award, one of the high-
est honors in the printing industry, for
its SunPak LMQ (low migration qual-
ity) products. Awarded annually by the
Printing Industries of America, the
InterTech Award recognizes the devel-
opment of unique and innovative tech-
nologies that are predicted to have a
signifcant impact on the graphic arts and
related industries.
Sun Chemicals SunPak LMQ prod-
ucts help address the risk brand owners
face in packaging, where compounds
from materials in the packaging struc-
ture can migrate into the food product
or the surrounding environment. SunPak
LMQ inks exhibit very low odor, of-
favor and migration levels, and ofer a
comprehensive solution to brand owners
and converters who are looking for ways
to address migration concerns for food,
pharmaceutical and tobacco applications.
Sun Chemical retired its SmartColour
brand from the marketplace and
transferred all current customer licenses
to the new PantoneLIVE eco-system
from X-Rite/Pantone. PantoneLIVE
licensees can take advantage of Sun
Chemicals intellectual property in the
feld of digital color communication.
In July, Sun Chemical launched the
SunUno Solimax multi-purpose ink sys-
tem. Suitable for both surface and reverse
print applications on a number of the
commonly used fexible packaging sub-
strates, Solimax will maximize print run
efciency while simplifying overall print
production. It is suitable for both fexo
and gravure printing. In September, Sun
Chemical launched SunLit Crystal, an
all-in-one universal sheetfed ofset
process ink set.
SunJet, the inkjet ink division of
Sun Chemical, launched its JetStream
PCO Oil-based HD Black ink for
Seiko Instruments Inc. printheads. The
JetStream PCO HD Black has been
developed with high performance pig-
ment and drop spread control technol-
ogy to meet the needs for high contrast
and high defnition printing demanded
in applications such as bar coding, stock
identifcation and decoration.
During Labelexpo Americas 2012,
SunJet also launched EtiJet LM UV,
its new low migration UV curing ink
range for the digital label market, suit-
able for all types of piezo printheads. All
of the ink components appear on the
European positive lists, Swiss Ordinance
and EuPIA, and the inks do not use ma-
terials specifcally excluded in the Nestle
list, meaning the inks meet the highest
industry standards for food packaging.
In July, Sun Chemical launched
Streamline ESL HPQ and Streamline
Ultima HPQ, designed for use in wide
and super-wide format printers using
high-quality solvent-based inks.
During Labelexpo Americas 2012,
Sun Chemical featured its Solaris System,
a complete line of inks and coatings de-
signed to meet all the printing needs of all
narrow web and packaging printers. The
full range includes products for virtually all
narrow web applications from self-adhesive
and in-mold labels to wrap arounds, shrink
INKSOLUTIONS
The lithographic ink makers
connection to:
OVERPRINT
VARNISH
Inksolutions, LLC
800 Estes Ave.
Elk Grove Village, Ill 60007
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
VEHICLE
SYSTEMS
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
BLACK
DISPERSIONS
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
AuraLith Fluorescent
Ink Bases &
S/F Inks
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
Inksolutions ADS0313.qxd:Layout 1 2/26/13 2:04 PM Page 1
sleeves, tubes and food and pharmaceutical packaging.
At SuperCorr, Sun Chemical showcased its SunVisto
Advantage line of water-based inks. Specifcally developed to
be pH stable for corrugated printers who want a consistent
press run without monitoring or adjusting pH levels, the inks
ofer consistent color strength, longer press runs without main-
tenance and reduced plate washing during a press run. Also at
SuperCorr were SunVisto Hydroking PHS water-based inks.
At INFO*FLEX 2012, Sun Chemical highlighted SunSpectro
Sunsharp solvent-based inks. Developed for high-speed, wide
web fexo presses for bread bags and frozen food packaging,
SunSpectro Sunsharp inks are high gloss, resistant to water, fats
and oils, and formulated for low odor and low viscosity for en-
hanced color strength. Developed for fexographic printing on
polyethylene flm, SunSpectro Sunsharp HR solvent-based inks
provide moderate heat resistance of up to 350 degrees, maintain
excellent gloss and are suitable for printing on items such as plas-
tic bags, shampoo bottles and milk containers.
Sun Chemical highlighted its anti-counterfeiting solutions to
help brand owners ensure the integrity of their packaging. Sun
Chemical ofers a variety of security ink solutions including an
infrared coding solution called Verigard, a security system that
adds a small quantity of taggants, or chemical markers, to inks,
varnishes or coatings for use in any print process on any substrate.
In October, Sun Chemical demonstrated its Vitrocure
UV curing ink from the SunVetro range at Glasstec 2012 in
Dusseldorf. The SunVetro range of inks prints bright and strong
colors that would be difcult to achieve with inorganic inks.
During the SNEC 2012 PV Power Expo and the European
Photovoltaic Solar Energy Conference and Exhibition, the Sun
Chemical Electronic Materials division showed how photovol-
taic manufacturers can save money by taking advantage of Sun
Chemicals unique one-stop shop ofering, including a broad range
of metallization solutions for both additive and subtractive processes
as well as module materials for use in the crystalline silicon (c-Si),
thin flm, printed electronics, and other emerging markets.
EMImills
WWW.EMImills.COM
ENGINEERED MILLS & MIXERS
FOR WET MILLING, MIXING & DISPERSING.
LABORATORY & PRODUCTION
PILOT MILLS
For laboratory
scale up & small
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RESEARCH MILLS
Realistic laboratory
samples processed
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PRODUCTION MILLS
Economically process
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LABORATORY
DISPERSERS &
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Explosion Proof
available
Engineered Mills, Inc.
888 E. Belvidere Road - U214
Grayslake, Illinois 60030 USA
Tel: 847-548-0044
Fax: 847-548-0099
E-mail: sales@EMImills.COM
EMI INK0213R.qxd:Layout 1 1/25/13 3:08 PM Page 1
2
Flint Group
North American Headquarters
14909 North Beck Road
Plymouth, MI 48170-7194
Phone: (734) 781-4600
Fax: (734) 781-4699
www.fintgrp.com
2012 Global Sales: US$3.0 billion/2.2 billion. North
American Ink Sales: $1.0 billion (Ink World estimate).
Major products: Coldset and heatset web ofset, sheetfed ofset,
fexographic, gravure and UV/EB inks; coatings for publication,
packaging and commercial applications. A wide range of inks and
coatings for narrow web tag and label applications. Photopolymer
plates and sleeve systems for fexographic applications; highly engi-
neered printing blankets and sleeves for ofset applications; Full suite
of pressroom chemicals and supplies. Dry, fushed and press cake
pigments, chips and resins for ink and other applications, aqueous
dispersions, hyperdispersants and additives for the colorant market.
Key personnel: Charles Knott, chairman;
Antoine Fady, CEO; Michael J. Bissell, ex-
ecutive VP and CFO; Doug Aldred, presi-
dent, Packaging and Narrow Web; William
B. Miller, president, Print Media America/
Print Media Europe; Brent Stephen, presi-
dent, Asia Pacifc; Adhemur Pilar, president,
Latin America; Mario Busshof, president,
Flexographic Products; Craig Foster, presi-
dent, Flint Group Pigments; Jan Paul van der
Velde, senior VP, procurement; Russell Taylor, senior VP global HR
and communications.
number of Employees: Approximately 6,900 worldwide.
Comments: In 2012, Flint Group worked hard to overcome
global economic challenges, add new customers and launch
new products.
2012 followed the general trend of the few years prior to it,
and in all likelihood foreshadows the next few years, said Bill
Miller, president, Print Media Americas for Flint Group. Keep
in mind, thats not all bad news. Though 2012 was tough, and
though the economic recovery continued at a slower pace
than we would have liked, we did see improvement, including
growth in select print markets.
In spite of the continued economic and industry challeng-
es, Flint Group persevered, Mr. Miller added. We gained new
customers, launched new products and forged new ground.
Perhaps most importantly, Flint Group employees reached a
powerful milestone in terms of safety. Our year-end total global
incident rate was well below world-class levels.
Flint Group emphasizes the importance of safety, and takes
much pride in achieving these low global incident rates.
Flint Groups ongoing commitment to safety continued to
pay of, said Frank Mastria, vice president operations/global
SHE. Globally, our average recordable incident rate was lower
than it has ever been far better than industry averages. I am
proud of the way Flint Group employees around the world
have incorporated the safety culture into their daily lives.
On a diferent front, Rodney Balmer, director of global re-
search and product development sheetfed inks, earned the
National Association of Printing Ink Manufacturers (NAPIM)
2012 Printing Ink Pioneer Award. In his 25 years in the feld.
Mr. Balmer has shaped energy curable science across the globe.
He has also led eforts on multiple patents, has written numer-
ous white papers, and has spoken at many forums over the years.
He certainly deserves this award, Mr. Miller said.
Flint Group also introduced a number of new oferings
inks as well as other pressroom supplies they provide customers
to the North American print market, including the commer-
cial and packaging sectors.
The raw material situation remains challenging, as some key
ingredients have seen costs stabilize, while others remain vola-
tile. Diane Parisi, vice president supply chain management for
Flint Group, noted that either way, prices are now higher than
in the past, and added that ongoing communication with cus-
tomers is absolutely essential.
From a raw material perspective, 2012 mirrored 2011, said
Ms. Parisi. Cost volatility continued for many raw materials
while stabilizing for some others, but at much higher levels
than in the past. Geopolitical conditions and environmental
factors remember the hot summer and drought? afected
crop yields, creating tight supply of many materials. This med-
ley of challenges is the new norm, though, and Flint Groups
global procurement team works with our suppliers and our
colleagues to prepare for the trends and minimize any disrup-
tion these conditions may cause us and our customers.
Moving forward, Flint Groups leaders see opportunities for
further growth across the printing spectrum.
Flexible packaging and labels will continue to lead indus-
try growth, and we also expect folding carton to continue a
slow and steady increase, said Grant Shouldice, vice president
technology and marketing of the North American packag-
ing group. Flint Groups Packaging & Narrow Web group
launched a number of new and innovative products that will
provide valuable momentum for our growth in 2012.
Im confdent that Flint Group will continue to be a leader
in all the major graphic arts segments, Mr. Miller added. Year
after year, we remain committed to ofering high-quality prod-
ucts and expert support to our customers. That more than pays
of, regardless of the economic and industry challenges we face.
Bill Milller
3
INX INterNatIoNal INk Co.
150 N. Martingale, Suite 700
Schaumburg, IL 60173
Phone: (630) 382-1800
Fax: (847) 969-9758
www.inxinternational.com
Sales: $335 million.
Major Products: A full line of ink and coatings solutions
technology for packaging, commercial and digital print ap-
plications, including metal decorating, fexographic, gravure,
web ofset, lamination, corrugated, sheetfed, digital and UV/
EB inks and coatings.
key Personnel: Kotaro Morita, chair-
man; Rick Clendenning, president and
CEO; Bryce Kristo, CFO and senior VP,
general afairs; John Hrdlick, senior VP
COO, operations; Rick Westrom, senior
VP, strategic global sourcing/R&D direc-
tor; Bob Osmundsen, senior VP, general
counsel; Jonathan Ellaby, VP, international
operations; Charlie Sagert, VP director of
sales; Ken Kisner, VP, business development/
CTO Digital Division ink technologies; Mark Hill, VP liquid
technology/assistant R&D director; Toru Kaneko, VP R&D di-
rector ofset; Jon Graunke, VP/R&D director energy curable
technologies; Joe Kelly, VP/R&D director water technolo-
gies; Dave Maternowski, VP quality systems; Dan Lombardo,
VP of operations, Metal/Energy Curable; Jim Lambert, VP/
GM Digital Division; Randy LaCaze, VP/CTO Digital Division
electronics & hardware; Dave Waller, VP of rigid packaging sales;
David Sambo, VP of ofset sales; Bruce Elder, VP of liquid sales;
Joe Cichon, VP of manufacturing; Jim Bailen, VP of engineering.
Number of employees: Approximately 1,100.
operating Facilities: Fifteen (15) manufacturing locations
and approximately 190 in-plant locations throughout North
America. Two North American R&D Centers: West Chicago,
IL (traditional technologies) and San Leandro, CA (inkjet
technologies).
Subsidiaries: INX International U.K., Rochdale, England;
INX International France, Bretigny, France; INX Digital
Milan, Italy; INX Digital Prague; Parent Company: Sakata
INX, Osaka, Japan.
Rick Clendenning
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Comments: Despite sales gains in 2011,
INX International Ink Company still
struggled with margins, as dramatically
rising raw material costs impacted the
companys bottom line. As a result, the
company prepared for further challenges
in 2012, and the resulting improvement
was signifcant.
After a difcult year in 2011, we
had a clear plan and strategy for 2012
to improve our performance, said Rick
Clendenning, president and CEO of
INX International Ink Co. Everyone in
the company did their part. We executed
the plan and proved successful in meet-
ing and exceeding our goals. We imple-
mented some infrastructure changes
during the year to control and reduce
costs. It was hard to do but necessary, and
we were able to fnd some relief with
much needed price adjustments within
our customer base.
The improvement we experienced
in our companys performance was the
result of much hard work by many peo-
ple, not due to the industry improving,
Mr. Clendenning added. In some mar-
ket segments, I think its getting worse.
Due to the downturn from these seg-
ments and customers in the marketplace,
there is too much capacity available. That
usually leads to bad and aggressive deci-
sions by some in these markets.
Packaging and digital continue to be
INX International Inks strongest growth
markets.
Our sales growth came mostly
from our packaging divisions, Mr.
Clendenning said. This includes fexible
packaging from our liquid division, and
metal and plastic packaging on behalf of
our rigid packaging division. The digital
unit showed some growth as we contin-
ued our Evolve marketing strategy. This
involves introducing our traditional cus-
tomers to digital printing and evolving
them into the digital world.
The European metal decorating ink
market has proven to be a strength for
INX International Ink, and the company
is expanding its operations in Europe,
led by Jonathan Ellaby, the companys
vice president of international opera-
tions, who himself was the recipient
of a major industry award from the
National Association of Printing Ink
Manufacturers (NAPIM).
We broke ground on a new manufac-
turing facility in England that will be the
largest two-piece metal decorating plant
outside the U.S., Mr. Clendenning not-
ed. Its located near our existing plant in
Rochdale, just outside Manchester, and
we expect it to be ready mid-year. The
new facility replaces the current building
and will have more capacity. It also will
allow us to move more manufacturing
of technologies to the European markets
directly from England.
In March 2012 at the NAPIM
Convention, Jonathan Ellaby was hon-
ored with a 2012 Printing Ink Pioneer
Award for 40 years of dedicated ser-
vice to the industry, Mr. Clendenning
said. All of his colleagues were proud
that Jonathan was recognized in this
manner. We look forward to his contin-
ued dedication to growing our business
internationally.
While Mr. Clendenning noted that
some raw material costs have stabilized,
the pricing levels are at or near all-time
highs.
Some raw materials have stabilized,
but are doing so at much higher levels
than needed or historically, he added.
Supply issues have eased, but we are
watching some specifc materials very
closely. Our sourcing group under the
direction of Rick Westrom is doing a
great job securing critical raw materials
to supply our customer base. I am cau-
tiously optimistic about supply but not
so much about price. We will have to
wait and see.
With all of INXs preparations head-
ing into 2012, the company is on excel-
lent footing heading into 2013.
We anticipate a strong year for all
our divisions and product lines, Mr.
Clendenning said. All of the hard work
we did in 2012 has put us in better posi-
tion for a successful year. We have merged
our digital resources into one group in
order to gain additional synergies, and
Im very excited about the great inter-
est our digital eforts are generating. The
opportunities exist, and Im hopeful of
developing some new business as well.
4
CR/T
Division of Quad Graphics
1951 Constitution Ave.
Hartford, WI 53027
Phone: (262) 673-1400
Fax: (262) 673-1459
www.qg.com
Sales: $240 million (Ink World estimate).
Major Products: Ofset, gravure, inkjet
and specialty inks.
INKSOLUTIONS
connection to:
OVERPRINT
VARNISH
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
VEHICLE
SYSTEMS
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
BLACK
DISPERSIONS
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
Ink Bases &
S/F Inks
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
Key Personnel: Jim Mercier, executive director of CRT;
Sunil Rao, technical director, CR/T; Randy Maas, gravure op-
erations manager.
Number of Employees:
Approximately 100 (Ink World estimate).
Operating Facilities: Lomira, WI; Oklahoma City, OK;
Martinsburg, WV; Greenfeld, IA; Hartford, WI; Wyszkw,
Poland.
Comments: Quad/Graphics is a global provider of print and
related multichannel solutions for consumer magazines, special
interest publications, catalogs, retail inserts and circulars, direct
mail products, books and directories.
In 2011, Quad/Graphics recorded net sales of $4.67 bil-
lion, a slight decline over sales of $4.76 billion for 2010. The
companys adjusted EBITDA was $638 million for 2011. That
likely will grow, as Quad/Graphics share of the market is ex-
panding, as seen by the recent announcement it has reached a
new, $900 million-plus multi-year agreement with Time Inc.
that signifcantly extends and expands its magazine print work
for the company.
The company has undergone a huge expansion during
the past three years, adding Worldcolor (formerly Quebecor
World) in July 2010. In February 2012, Quad/Graphics added
Williamson Printing Corp., a Dallas, TX-based commercial and
specialty printer. In January 2013, Quad/Graphics fnalized its
acquisition of Vertis, a specialist in retail advertising inserts, di-
rect marketing and in-store marketing.
With an eye on meeting its printing ink requirements, Quad/
Graphics formed its Chemical Research/Technology (CR/T) di-
vision in 1982. CR/T produces high-quality ofset and gravure
inks as well as inkjet inks and specialty products such as security
inks, producing hundreds of millions of pounds of ink every year.
Long before most companies started looking into envi-
ronmentally friendly products, CR/T emphasized adding re-
newable content. Today, its EnviroTech line of ofset inks has
approximately 27% renewable resource content, and all of CR/
Ts ofset inks have at least 20% renewable resource content.
Resolute INK0312.qxd:Layout 1 2/29/12 2:51 PM Page 1
5
Siegwerk CUSA
3535 SW 56th St.
Des Moines, IA 50321
Phone: (515) 471-2100
or (800) 728-8200
Fax: (515) 471-2202
www.siegwerk.com
Total CUSA Sales: $222 million.

Major Products: Solvent-based, water-based, energy curable
and specialty liquid inks and coatings and related point-of-use
services for the fexible packaging, label, sheetfed, tobacco, liq-
uid food packaging and paper and board industries using fexo,
rotogravure and ofset printing.
key Personnel: Peter Hilpert, president CUSA region; Dave
Hiserodt, BU Head Flexible Packaging U.S. & Canada.
Number of employees: 670 (CUSA).

Operating Facilities: Des Moines, IA CUSA (Canada &
U.S.) headquarters and two manufacturing locations; Spartanburg,
SC; Neenah, WI; Drums, PA; Vacaville, CA; Morganton, NC;
Baltimore, MD; Boston, MA; Chicago, IL; Cincinnati, OH;
Dallas, TX; Minneapolis, MN; Ontario, CA; Prescott, Ontario,
Canada; Oakville, Ontario, Canada; Montreal, Quebec, Canada.
Comments: Siegwerk CUSA had a good year in 2012, as the
company focused on new projects, such as its new Center for
Printing Excellence as well as new manufacturing facilities.
Siegwerk CUSA improved performance in 2012 over
2011 in all key metrics, said Dave Hiserodt, head of Flexible
Packaging BU CUSA. While there was still some move-
ment within the ink raw material market, Siegwerk was able
to maintain a year of relative stability, thus allowing Siegwerk
to concentrate on projects which truly impact its value-added
solution to the customer. Siegwerk is welcoming the future
throughout 2013 and beyond.
Toward this, Siegwerk CUSA began construction of its
Center for Printing Excellence in 2012, which is slated to be
fnished in 2013. This center will house a pilot press to be uti-
lized for R&D projects, customer qualifcations, as well as cus-
tomer and supplier joint development projects.
This proactive approach will allow customers to save time
and money during qualifcations of new Siegwerk materials,
Mr. Hiserodt added.
While the Siegwerk CUSA team continues to fully integrate
the Environmental Inks organization into
the Siegwerk global family, other invest-
ments have begun in shaping Siegwerk
CUSAs future.
Environmental Inks has begun its con-
struction of a new UV manufacturing fa-
cility, which will include a cell for low
migration ink manufacturing, Mr. Hiserodt
noted. This will provide a signifcant capac-
ity expansion in Environmental Inks UV
manufacturing capabilities for North America. This new facility
will be built utilizing tools from Siegwerks excellence initiative
Xceed for lean accurate and predictable processes.
Technically, Siegwerk has continued its focus on constantly
improving its commercial ofering for high speed fexo inks
with measurable successes. Also, Siegwerks commitment to the
industry is exemplifed through the expansion of its Global
Innovation Network (GIN) into the region.
GIN allows for a global exchange of knowledge while con-
tinually improving the quality of Siegwerk products globally.
GIN personnel work on long-term projects to carry Siegwerk
into the future; for example, GIN laboratories are working to
increase renewable content of printing inks in order to provide
a more sustainable product to its customers.
Flexible packaging and UV/EB label inks are areas of
growth for Siegwerk CUSA. Siegwerk will be expanding its
eforts in the fexible packaging market.
Through substantial product development and research as
well as capital investments in R&D, manufacturing and its Center
for Printing Excellence, Siegwerk is well poised to further grow
within this existing key focus market, Mr. Hiserodt said.
Siegwerk sees UV/EB inks and coatings, specifcally low
migration technology, for the labels market to be a large growth
area for moving into the coming years. With the combination
of technology from both Siegwerk and Environmental Inks,
the labels market is projected to continue to be a key growth
driver for both Siegwerk and Environmental Inks.
Mr. Hiserodt noted that with the raw material markets sta-
bilizing for the most part in CUSA, the printing and ink in-
dustries were able to concentrate on preparing for the future.
While some materials have shown increases into 2013, these are
not at the unprecedented levels experienced in 2011, Mr. Hiserodt
added. Siegwerk works to leverage its global supplier network, not
only to mitigate any impending increases, but also to forecast future
changes in the marketplace so that it is able to better prepare its cus-
tomer base regarding the raw material markets.
With all of its investments into technology and people, Mr.
Hiserodt believes that Siegwerk CUSA is well positioned for
the future.
In 2013 and beyond, Siegwerk welcomes the future
through continuing investments in technology, R&D, processes
and people, to further improve the solutions and services pro-
vided to its customers, Mr. Hiserodt concluded.
Dave Hiserodt
6
DuPont
Barley Mill Plaza, P30/2367
P.O. Box 80030
Wilmington, DE 19880-0030
Phone: (877) 234-1794; (302) 992-4264
Fax: (302) 892-5609
www.inkjet.dupont.com; www.mcm.dupont.com
Major Products: Digital inks and digital
printing systems; conductive inks and pastes
for printed electronics.
Key Personnel: David B. Miller, president,
DuPont Electronics & Communications;
William F. Feehery, global business direc-
tor, DuPont Photovoltaic Solutions; Homer
Antoniadis, global technology director, DuPont
Photovoltaic Solutions; Peter Brenner, global
marketing manager, Photovoltaics for DuPont
Microcircuit Materials; Conrad Burke, general
manager and founder, DuPont Innovvalight;
Kerry Adams, European business development
manager DuPont Microcircuit Materials;
Scott Gordon, market segment manage,
DuPont Microcircuit Materials.
Key Locations: Worldwide operations; in
the U.S., headquarters and R&D facilities
in Wilmington, DE. DuPont MCMs head-
quarters are in Research Triangle Park, NC.
Comments: With nearly $38 billion in sales
in 2011, DuPont is a science company that
develops a wide range of solutions for count-
less markets, including inkjet inks and con-
ductive inks and pastes for printed electronics.
In the digital ink market, DuPont is a lead-
ing supplier of OEM inks for desktop print-
ers, and ofers its Artistri digital textile inks.
DuPont has made strong inroads in the
solar market, with more than $1 billion
in sales, including inks, in that segment.
DuPonts inks are being used for roll-to-roll
screen printing, fexo, gravure, photo-im-
aging, pad printing, inkjet and other pro-
cessing techniques. In July 2011, DuPont
acquired Innovalight, Inc., a Sunnyvale, CA-based specialist in
advanced silicon inks and process technologies that increase the
efciency of crystalline silicon solar cells.
DuPont Microcircuit Materials (MCM), a segment of
DuPont Electronics & Communications, has been in the fore-
front in the conductive ink feld, developing functional inks
and metallization pastes for photovoltaics (PV), organic light
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emitting diodes (OLED), biomedical sensors, fexible displays,
electroluminescent (EL) lighting, membrane touch switches,
printed batteries, RFID antennae and other printed electronic
applications.
In December, DuPont MCM launched a new series of screen
printed conductive ink materials for the printed electron-
ics market, designed to ofset the rising cost of silver. DuPont
PE8XX series conductive inks can provide low resistivity with
20% or more potential cost savings for manufacturers.
DuPont PE8XX conductive ink materials are designed for
use with standard thermal curing techniques and for photonic
curing equipment such as the NovaCentrix PulseForge and
Xenon Sinteron tools. Materials in the PE8XX series are suit-
able for use in printed electronics applications such as mem-
brane switches, RFID, electroluminescent lighting and other
emerging applications including fexible displays. They also can
be customized for other specialized applications.
In April 2012, DuPont MCM launched DuPont Solamet
PV416 photovoltaic metallization, a new frontside silver paste ma-
terial used to raise the efciency of thin flm photovoltaic cells.
In February, The Carlyle Group L.P. completed its acquisi-
tion of DuPont Performance Coatings for $4.9 billion. As a
result, the company is being renamed Axalta Coating Systems.
Axalta serves more than 120,000 customers in 130 countries
and provides customers with a full range of coating systems.
7
Wikoff Color Corporation
1886 Merritt Road
Fort Mill, SC 29715
Phone: (803) 548-2210
Fax: (803) 548-5728
www.wikof.com
Major products: Sheetfed and web ofset inks, solvent-based
and water-based fexo and gravure inks, energy-curable inks
and coatings, security inks, UV inkjet inks, overprint varnish
and aqueous coatings.
key personnel: Geof Peters, president and CEO; Daryl
Collins, VP of national sales and regional operations; Martin
Hambrock, VP of Canadian operations; Don Duncan, director
of R&D; Ben Price, director of purchasing; Art Dennis, director
of manufacturing; Buck Rorie, VP of fnance and administration.
number of Employees: 490.
operating facilities: 29 manufacturing
plants in the U.S. and Canada. Headquarters
and primary research and development fa-
cilities are located in Fort Mill, SC.
Comments: Wikof Color enjoyed a
strong year in 2012, with sales growth as
well as expansion into Europe being key
highlights.
Overall, 2012 was a good year for Wikof,
Geof Peters, Wikof Colors president and CEO, said. We expe-
rienced signifcant sales growth, and although margins continued
to be under pressure throughout the year, we were able to achieve
nice growth in net income due to improvement in manufacturing
efciency.
Wikof saw good growth in most of our strategic target
markets in 2012, Daryl Collins, vice president of sales and
marketing, added. Sales in folding carton, fexible packaging,
label and security inks were strong. Additionally, we continued
to see good growth in our international markets and across our
complete line ofinkjet inks.
Part of that growth came from two new facilities, as Wikof
Color added operations in California and in the UK, devel-
oped new ink lines and added new manufacturing capabilities.
In 2012, Wikof opened new facilities in both Sacramento,
CA, and Leeds, England, Mr. Peters said. Both of these fa-
cilities exceeded their 2012 sales targets and were proftable in
their frst year of operation.
Other highlights included running Wikof inks on new EB
litho press technology for fexible packaging at drupa, complet-
ing our 30-location ERP implementation and building our new
inkjet lab, manufacturing and cleanroom facility in Fort Mill, SC,
Mr. Peters added. We were also very pleased that our director of
research and development, Dr. Don Duncan, was elected to be the
president of RadTech and the president of TAGA for 2013.
In addition, Wikof continued to excel in new product de-
velopment with the introduction of UV LED-curable inks and
a number of new series of low migration inks for packaging.
The printing industry continues to look for new ways to
grow business, and press technologies are one key area of interest.
From what we could see, it was a pretty light year for new
press sales in the printing industry, said. However, we did see
increased utilization of existing presses for a greater return on
investment for printers and continued growth in ink sales for our
industry. There were a number of new press technologies intro-
duced at drupa, some of which appeared to be very promising.
The digital market also continued to experience nice growth.
Ben Price, Wikof Colors director of purchasing, reported
that raw material prices fnally stabilized during the past year.
In general, raw material costsstabilized in 2012, Mr. Price
said. Throughout 2010 and 2011, Wikof Colors raw material
costs increased drastically, and the supply chain was strained.
There were shortages of titanium dioxide, nitrocellulose and
Geoff Peters
carbazole violet, to name a few. Rosin resin prices were another
signifcant concern during this time. In late 2011, prices for
most of our raw materials peaked, and we had price stabiliza-
tion with a few modest price decreases throughout 2012. After
two years of signifcant increases, titanium dioxide prices fnally
changed course in mid-2012 and improved slightly but still
remain signifcantly higher than historic levels. Supply is not
a concern for the majority of our raw materials at this time.
All in all, Mr. Peters is optimistic that Wikof Color is on
track for further growth in 2013.
Wikof Color expects to continue to grow in 2013, in the
U.S., Canada and overseas, Mr. Peters added. We expect sales
in all of our strategic target marketsto remain strong with the
possible exception of the commercial market, which will con-
tinue to see a modest decline in its printing volumes. Wikof
also expects to see solid growth in our inkjet business.If we can
successfully continue to drive efciencies in our manufacturing
operations, coupled with the expected sales growth, we should
see continued improvement in our net income.
8
Hostmann-steinberg
Hostmann-Steinberg Limited
12 Shaftsbury Lane
Brampton, Ontario
Canada L6T 3X7
Phone: (905) 793-9970
Fax: (905) 793-5368
Hostmann-steinberg, inc. Usa
2850 Festival Dr.
Kankakee, IL 60901
Phone: (815) 929-9293
Fax: (815) 929-0412
www.hostmann-steinberg.net
sales: $140 million (Ink World estimate).
major Products: Heatset, sheetfed, coldset, UV and EB,

forms and fexo inks; aqueous and UV coatings.
Key Personnel: Martin Weber, group managing director
Americas. For Canada; Vivy DaCosta, VP, Canada; Mark Wilson,
sales director, Canada; Dr. Thomas Griebel, technical director,
Canada. For USA: Debu Sengupta, CTO, USA; Steve Martin,
director of sales/marketing, USA, Venkat Subrahmanian, direc-
tor fnance; Charles Molicki, senior technical manager.
number of employees: 300 (Ink World estimate).
operational Facilities: Main plants in Kankakee, IL, USA

and Brampton, Ontario, Canada, and 22 branch facilities coast
to coast.
comments: Hostmann-Steinberg is the North American
division of hubergroup, a Kirchheim, Germany-based family-
owned printing ink manufacturer with sales of approximately
$1 billion in 2010.
Environmentally friendly inks have been an area of emphasis
for Hostmann-Steinberg, with many of its inks containing 70%
Bio Renewable Content (BRC), including !NKREDIBLE
Refecta, !NKREDIBLE Hard Dry Resista, !NKREDIBLE
Perfexion and Envira inks.
9
Sanchez Sa de cV
Oriente 171 # 367
Mxico City, Mexico
Phone: +52 55 5118 1000
www.sanchez.com.mx
E-mail: er.sanchez@san
chez.com.mx
Sales: $131.2 million (inks); $172.6 mil-
lion overall.
Major Products: Ofset, fexo, gravure
and screen inks, overprint varnishes, of-
set plates, pressroom chemicals and ofset
presses.
Key Personnel: Ernesto J. Sanchez,
managing director; Jose Sanchez, com-
mercial director; Jesus Mckelligan,
operations director; Alvaro Toledo, ad-
ministrative director; Salvador Duran,
technical manager (paste inks); Agustin
Lozano, technical manager (liquid inks).
number of employees: 1,150
comments: Sanchez SA de CV is the larg-
est ink manufacturer in Mexico and Central
America, and the company continued to
strengthen its leadership in the region.
In Mexico, we experienced a very
interesting year with months with a lot
of activity, mainly before our presiden-
tial election in July 1, and a last quar-
ter in which we noticed a deceleration
in our economy, said Ernesto J. Sanchez,
Sanchez SA de CVs managing director.
We fnd ourselves in the 30,000 tons
per year mark, with good results in heatset
and packaging inks, Mr. Sanchez added.
In 2013 we are experiencing more activ-
ity mainly in the packaging area, and are
confdent that the trend will continue.
To meet the demands of the growing
printing industry in Latin America,
Sanchez SA de CV its continuing its ex-
tensive modernization program.
In September, we closed our of-
set ink manufacturing site in Toluca
and transferred the production to our
Mexico City facility, and we are about
to move our liquid inks manufactur-
ing activity to our new plant in Tepeji
del Rio, north of Mexico City, Mr.
Sanchez said. Once we fnish all these
changes, we will fnd ourselves with
two manufacturing sites, one specializ-
ing in paste inks and the other one in
liquid inks, giving us a good advantage
over our competitors.
In recent years, Sanchez SA de CV has
opened subsidiaries throughout Central
America, including in El Salvador
(Sanchez Centroamerica), Guatamala
(Tintas Sanchez Guatemala SA) and
Costa Rica, which are keying the com-
panys growth throughout the region.
In the rest of the region we are see-
ing good results, with our Colombian
subsidiary starting to show good levels of
activity, and with very interesting proj-
ects in Ecuador, Mr. Sanchez said.
INKSOLUTIONS
connection to:
OVERPRINT
VARNISH
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
VEHICLE
SYSTEMS
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
BLACK
DISPERSIONS
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
Ink Bases &
S/F Inks
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
From left, commercial director Jose Sanchez,operations directorJesus Mckelligan and managing
director Ernesto Sanchez.
10
Toyo Ink AmerIcA, LLc
1225 N. Michael Drive
Wood Dale, IL 60191
Tel: (866) 969-8696
Fax: (630) 628-1769
www.toyoink.com
Sales: $112 million.

major Products: Sheetfed and web ofset inks; UV and EB
inks; conventional and UV waterless ofset; solvent- and water-
based gravure inks; solvent- and water-based fexo inks; digital
inks; toner; inkjet inks; pressure sensitive adhesives and special
function coatings; and plastic colorants.
key Personnel: Toyo Ink America, LLC: Hideki (Jef) Okaichi,
CEO; John Copeland, president/COO; Hideki (Luke) Ohba,
GM, paste ink sector; Mike Keegan, sales management, paste
ink; Darren Oakes, sales management, liquid ink; Joe Sentendray,
sales management, PSA; Kevin Garland, pigment sales. LioChem:
Naoto (Nick) Sumiya, president; Hudson Moody, GM, colorants
division; Terry Hall, GM, gravure division. Advanced Materials
Division: Kotaro (Kody) Osato, sales management.
comments: Toyo Ink America, LLC enjoyed solid growth in
2012, with sales increases coming from a wide range of prod-
ucts, including the commercial sheetfed market.
Toyo Ink America had a better year in 2012 than 2011, John
Copeland, president and COO of Toyo Ink America, LLC, said.
Sales in several areas did very well, including UV inks, fexo-
graphic inks, plastic colorants and pressure sensitive adhesives.
Major growth areas continue to be energy curable inks and
coatings, pressure sensitive adhesives, plastic colorants and our
fexographic inks, Mr. Copeland added. Although the com-
mercial sheetfed business segment in our industry continues to
lose some ground, Toyos lithographic ink sales were up in 2012.
In order to streamline Toyo Ink Americas operations, the
company implemented several major changes in its organization.
In 2013 Toyo Ink America, LLC, welcomes the companys
pigment and pressure sensitive divisions as part of Toyo Ink
America, LLC, Mr. Copeland noted. These changes will allow
us streamline communication and utilize all marketing streams as
we focus on our core technologies in the market place.
While the commercial printing business seems to be soften-
ing, Mr. Copeland said Toyo Ink America sees opportunity in
the high-end market.
The good news is that high-end commercial printing
continues to bring new energy and creativity to printing, Mr.
Copeland added. Some of our customers are growing the busi-
ness in this market with energy curable printed pieces that are
amazing. This spurs growth in the commercial print market.
While raw materials costs and supply issues have stabilized
in general, Mr. Copeland added that Toyo Ink is still working
on improving its operations to ensure its sourcing.
We have seen an overall stabilization of raw materials in
2012, Mr. Copeland noted. This is good news, and yet I dont
believe Toyo or our industry feels the same type of security
in material supplies as we have in the past. We continue to
improve our purchasing departments internal communications
and have recently improved communications on a worldwide
basis. This helps us with our strategic sourcing supply stream
and improves our leverage in regards to raw materials.
Overall, Mr. Copeland sees opportunities ahead in 2013, but
these come with challenges as well.
We are optimistic that 2013 will be a great year but with
many challenges, Mr. Copeland said. We have a good team
of employees that will help in achieving our targets and goals.
11
eFI
303 Velocity Way
Foster City, CA 94404
Phone: (650) 357-3500
Fax: (650) 357-3907
www.ef.com

Sales: $652M for EFI at the corporate level; Ink World esti-
mates $95 million in ink and consumables.

major Products: Through its VUTEk, Jetrion and EFI Wide
Format product lines, EFI is the market leader in inkjet inks
and printing systems for the superwide, (e.g., billboards, sig-
nage, POP, etc.), wide format UV, label, packaging, direct mail
and commercial printing markets. EFI ofers a wide range of
ink products for the superwide format and industrial inkjet
markets, including UV-based, solvent, and eco/bio-solvent inks.

key Personnel: Guy Gecht, CEO; Vincent Pilette, CFO; Ghilad
Dziesietnik, CTO; Frank Mallozzi, SVP, worldwide sales and mar-
keting; Scott Schinlever, SVP/GM, EFIs Inkjet Solutions.

number of employees: Approximately 1,900.

operating Facilities: 23 worldwide ofces.
comments: A world leader in customer-focused digital printing
innovation, Electronics For Imaging, Inc. (EFI) had another strong
year in 2012, with sales up more than 8% year-over-year to $652
million. In terms of inks, EFI reached a major milestone when it
shipped out more than a million liters of ink during 2012.
We had another record year for ink sales in 2012, said
Stephen Emery, vice president, ink business, EFI. EFI had a
milestone when, for the frst time, the company shipped more
than a million liters of ink in less than 12 months. This rep-
resents a signifcant amount of the total market for ink in the
industries we serve.
EFI enjoys excellent success with its UV inks for its VUTEk,
Jetrion and EFI Wide Format press lines, and UV LED curing
is an area of particular opportunity for EFI.
The success we are having with LED inks is phenomenal, Mr.
Emery said. We addressed a new market by creating an LED plat-
form for the superwide format space, and it has grown substantially.
We have been partners with 3M for more than two decades
and, in 2012, we started working with 3M on a new UV ink, Mr.
Emery added. Working with 3M helps us create great ink sets in a
fast time frame. And, we also know many customers are interested
in having inks that can be included under a 3M MCS Warranty.
Inkjet printing of ceramic tiles has become a good business,
and EFI made a key acquisition in 2012. Early in the year last
year, we announced the acquisition of Cretaprint, a leading de-
veloper of inkjet printers for ceramic tile printing, Mr. Emery
noted. It is an acquisition that supports the momentum we
see in industrial inkjet printing applications. The ceramic tile
market specifcally represents a growth opportunity for EFI.
Digital printing continues to grow, and with it, the inkjet
markets EFI serves. We saw a major growth trend around in-
creasing ink usage among our VUTEk GS and GSr superwide-
format printer customers, which indicates our users are busy,
Mr. Emery said. It is a trend that has continued into the new
year. EFI follows those trends closely because ink is actually a
leading indicator for our business. When the economy slowed
a few years ago, for example, ink volume was the frst place
where we could see it happening. Our ink business for the label
segment, with EFI Jetrion digital presses, is also growing at a
substantial rate as narrow web printers adopt digital printing
technologies.
Mr. Emery added that he anticipates that EFI will continue
to enjoy growth in the coming years.
I have had some very recent conversations with both small
and large EFI customers, as well as with distributors, he said.
The continued feedback I am receiving from those customers
and others is that 2013 will bring still more growth in inkjet ink.
For EFI, many of the expectations for 2013 mirror the
trends we are seeing: Increased usage in UV ink for superwide-
format, wide-format, label printing and industrial markets, Mr.
Emery added. We also anticipate more growth in inkjet from
high-end, high-volume printing with new solutions like the
VUTEk HS100 Pro Inkjet Press coming to market as a digital
solution that competes in the analog screen-printing world.
12
FUJIFILM North AMerIcA,
GrAphIcs systeMs DIvIsIoN
850 Central Ave.
Hanover Park, IL 60133
Phone:(630) 259-7200
Fax: (630) 259-7078
www.fujiflmgraphics.com
U.s. sales: $90 million (Ink World estimate)
Major products: Ofset printing plates; ofset, screen, fexo
and inkjet inks; digital print and wide format print equipment
including the FUJIFILM Inkjet J Press 720, Inca Onset and
Acuity UV fatbed printers; workfow, color management and
proofng solutions; pressroom supplies; technical services and
consulting services.
Key personnel: Tak Yanagawa, division president; Todd
Zimmerman, VP and GM;Terry Mitchell, VP, marketing; Chris
Lomas, VP, sales wide format, John Solwold, VP, sales commer-
cial graphics.
Number of employees: 600.
operating Facilities: 19.

comments: Digital printing continues to make major in-
roads into traditional printing segments, and companies that are
ofering their customers full service from equipment through
ink and consumables and even workfow solutions can have an
advantage over their competitors. FUJIFILM North America,
Graphics Systems Division ofers its customers a complete line
of digital solutions, and as a result, the company continues to
enjoy growth.
Having introduced several new products to the mar-
ket in 2012, Fujiflm strengthened its market-leading posi-
tion in the area of commercial ofset printing plates, inkjet
equipment and inks for a broad range of print technologies,
said Todd Zimmerman, vice president and general manager
forFUJIFILM North America Corporation,Graphic Systems
Division.Market share growth and penetration of new mar-
kets enabled Fujiflm to achieve solid results in 2012.
In an efort to meet the growing demand for expanding
application and business needs, FUJIFILM North America
Corporation, Graphic Systems Division released a series of UV
inkjet printers built on its highly successful and popular Acuity
Advance platform.
The Acuity Advance Select series represents the latest in
next-generation UV fatbed printers,
featuring exceptional quality, improved
productivity and greater versatility, al-
lowing them to be used for a much wid-
er range of applications. The companys
portfolio of wide format inkjet printers
was also expanded with the launch of the
Inca Onset S40i, the Uvistar Pro 8 and
the Acuity LED, as well as its J Press 720.
Fujiflm is proud to be recognized
for innovating productivity and received
the InterTech Technology Award from
Printing Industries of America for the
FUJIFILM J Press 720, the frst half-size,
sheetfed inkjet press capable of producing
ofset quality, Mr. Zimmerman noted.
Mr. Zimmerman noted said that
FUJIFILM is putting much emphasis on
developing the high-performance inks
these new presses require.
The performance of the ink within
these new inkjet equipment systems is
becoming one of the key diferentiating
factors in the production of wide for-
mat and digital print, Mr. Zimmerman
said. Fujiflm launched next generation
Uvijet UV inks for wide format, ofer-
ing market leading performance in terms
of color vibrancy, image quality, adhesion
fexibility and fnishing capability per-
formance. The company also introduced
VIVIDIA inks for its J Press inkjet press-
es and water-based fexo inks for paper
and flm substrates.
Fujiflms water-based fexo inks are
a revolutionary new solution for fexo-
graphic printing, providing printers with
consistent high quality results while re-
ducing labor and variability factors in-
herent with current water-based fexo
inks, Mr. Zimmerman added.
Wide format continues to be a key
growth area for FUJIFILM North
America, Graphics Systems Division.
The company continues to see ma-
jor growth in wide format display graphic
inkjet inks as the market shifts from tradi-
tional ofset and screen printing to digital
inkjet printing, Mr. Zimmerman said.
Fujiflm is also seeing increased interest
from commercial printers to add wide
format capabilities to existing operations.
Wide format print is growing at a
rate of 7%-8% annually and is projected
to continue growing at this pace for the
next several years. In contrast, commer-
cial print demand has softened, so wide
format ofers signifcant opportunity
for commercial printers to diversify and
grow their businesses, Mr. Zimmerman
added. Ofering more services helps
printers foster current customer rela-
tionships and add value for print buyer
customers.
Fujiflm has also added wide format
media to its product portfolio, and has
launched several new innovative media
for production of wide format graphic
displays and signage.
Another area of growth is in pack-
aging applications. Fujiflm has a broad
portfolio of fexo inks both UV and
water-based for all types of packaging
and label applications. In addition, the
company has previewed the Acuity LED
and the J Press F (provisional name) ink-
jet solutions for the packaging market.
There have been several improve-
ments and innovations in printing equip-
ment and inks at Fujiflm in the past
year. Equipment innovations include the
award-winning J Press 720 and the re-
cently introduced J Press 540 W (provi-
sional name) web press and the J Press
F (provisional name) for folding carton.
The range of wide format equipment
was also expanded with new models that
produce higher quality output at higher
production speeds.
New inkjet digital inks have been
added to the portfolio to expand the
range of materials and applications for
inkjet printing. The new inks Uvijet
brand for wide format inkjet and Vividia
brand for digital inkjet are the result
of years of R&D investment in new ink
technologies for the fast growing digital
inkjet market.
Mr. Zimmerman reported that raw
material costs are still volatile, but are
more stable than in recent years. There is
still worldwide consolidation and ratio-
nalization in certain raw material supplies,
and this has created supply challenges.
That said, Fujiflm has strong
global purchasing power and multiple
manufacturing facilities that enable it to
maximize production efciencies and
control costs, he noted. The company
also recently opened a new ink manu-
facturing facility in Broadstairs, UK. This
state-of-the-art facility is designed to
optimize production efciencies and ef-
fectively manage worldwide production
and supply chain costs. In addition, in-
vestments were made in the Kansas City,
MO manufacturing facility to expand
production capabilities and efectively
mange production costs.
Mr. Zimmerman said that Fujiflm
views 2013 as a pivotal year in the in-
dustry, with a more rapid pace of change
from traditional analog print methods to
digital print production. As a result, the
company will keep innovating to con-
tinue delivering best-in-class products
and services that enable customers to be
highly efcient and productive and help
them meet the demands of print buyers.
INKSOLUTIONS
connection to:
OVERPRINT
VARNISH
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
VEHICLE
SYSTEMS
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
BLACK
DISPERSIONS
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
INKSOLUTIONS
connection to:
Ink Bases &
S/F Inks
Inksolutions, LLC
800 Estes Ave.
(P) 847-593-5200
(F) 847-427-1500
5928 S. Gareld Ave.
Commerce, CA 90040
(P) 323-726-8100
(F) 323-726-8900
www.inksolutions.us
Fujiflm also expects consolidation in the industry, and a
broader adoption of multiple print technologies within each
shop, he added. Cross media campaign marketing will be-
come more common and printers will need to adapt to a more
digitally driven and mobile consumer.
The company anticipates more focus on sustainability,
shrinking carbon and water footprints, using natural resources
and packaging materials more efciently and minimizing waste
to become more efcient, Mr. Zimmerman added. In fact,
Fujiflm is a Gold Sponsor of the Sustainable Green Printing
Partnership, a non-proft organization providing sustainability
certifcation in the graphic communications industry.
It is an exciting time in print with all the changes in the
industry, Mr. Zimmerman concluded. Fujiflm looks forward
to the challenges and working closely with its customers to
help them evolve with these market changes and adopt new
innovations to ensure their future success.
13
AmericAn inks & coAtings
3400 N. Hutchinson St.
Pine Bluf, AR 71602
Phone: (870) 247-2080
Fax: (870) 247-5317
www.americaninksandcoatings.com
sales: $85 million in ink and coatings
major Products: Water- and solvent-based fexo and gravure

packaging inks and coatings; UV and EB coatings.
key Personnel: Jerry Mosley, CEO; Michael Mosley, COO;

Scott Clark, VP and general manager.
number of employees: 217.
operating Facilities: Pine Bluf, AR; Winston-Salem, NC;

Shreveport, LA; Portland, OR; Ontario, CA; San Leandro, CA;
Dallas, TX; Atlanta, GA; Louisville, KY; Chicago, IL.
comments: The packaging market remains strong, and pack-
aging ink specialists are seeing growth. For American Inks &
Coatings (AIC), the sixth-largest U.S. packaging ink manufac-
turer, 2012 saw strong growth, as the company combined sales
gains from its customer base as well as from its 2011 acquisition
of Graphic Sciences.
AICs key markets include fexible packaging, folding car-
ton, multi-wall bags and gift wrap ink markets, and the addition
of Graphic Sciences, a water-based corrugated ink specialist, in
October 2011 gave the country a strong position in that segment.
Michael Mosley, COO of American Inks & Coatings, noted
that packaging is AICs key market, and added that the compa-
ny expects to see continued growth in the markets we serve.
14
nAzdAr
8501 Hedge Lane Terrace
Shawnee, KS 66227-3290
Phone: (913) 422-1888
Fax: (913) 422-2296
www.nazdar.com
sales: $75 million (and more than $100 million in ink sales,
equipment and supplies, Ink World estimate).
major Products: Screen printing, digital and narrow web
inks, including conventional, UV and water-based.
key Personnel: J. Jefrey Thrall, CEO; Mike Fox, president;
Richard Bowles, VP, GM; Phil McGugan, VP, global sales and
marketing; Mike McGowan, VP and technical director; Jim
Davidson, VP, global operations; Mike Harjung, VP narrow web
business unit.
operating Facilities: Five in the U.S., UK, Singapore and
Mexico.

comments: For the most part, the screen printing industry
was the frst major segment that saw the potential for digital
printing. Leading screen ink manufacturers saw the opportuni-
ties as well, and became leaders in the growing inkjet ink feld.
Nazdar, a longtime leader in the North American screen
printing ink market, has embraced digital ink technologies, and
has grown along with its customers. Its business areas include
Nazdar Ink Technologies, a leading global manufacturer of spe-
cialty inks serving inkjet, narrow web and screen printing mar-
kets; Nazdar SourceOne, a leading distributor of inks, equipment
and supplies for screen and digital printers in North and Central
America; and Nazdar Consulting Services, which helps printers
optimize results through training and consultation.
In 2012, the company enjoyed further growth in both print-
ing segments, particularly in the area of UV curing.
Nazdar saw growth in the digital/inkjet and narrow web
ink markets, and continues to see an increasing share of the
global screen ink market, said Phil McGugan, Nazdars vice
president of global sales and marketing. Nazdar is focusing on
growing our UV inkjet and wide format inkjet business. We are
also expanding our product oferings in both screen and inkjet
LED curable inks.
UV LED is an area of great interest for printers, and Nazdar
has released several LED curable UV inks, both screen and ink-
jet, into the global market.
We are seeing inkjet printer manufacturers embrace LED
curing in wide format and grand format, Mr. McGugan added.
Mr. McGugan noted that raw material costs continue to be
volatile, but we continue to work to reduce costs and mini-
mize their impact on products.
Overall, Mr. McGugan anticipates growth for Nazdar in 2013.
Nazdar continues to expand globally and increase market
share. As the economy slowly improves, we expect our growth
to follow suit, Mr. McGugan concluded.
15
Central Ink CorporatIon
1100 N. Harvester Road
West Chicago, IL 60185
Phone: (630) 231-6500
Fax: (630) 231-6520
www.cicink.com
Sales: $65 million.
Major products: Web ofset heatset, coldset, sheetfed, fexo
and UV/EB inks. CIC is also one of the largest blanket con-
verters in the Midwest.
key personnel: Richard Breen, CEO; Gregg Dahleen,
president; Doug Anderson, VP of product development; Mary
Dickey, VP of fnance; John Pieranunzi, VP of sales and market-
ing; Victor Dahleen, VP of strategic services.
operating Facilities: West Chicago, IL; Minneapolis, MN;
Milwaukee, WI; Swedesboro, NJ; Fontana, CA.
Comments: The North American publication market has been
facing a number of difcult challenges, from the economy and
higher raw material prices to the gains made by the Internet. For
Central Ink, 2012 saw a slight improvement in terms of sales, as
the company looks into new markets for expansion.
We did have a slight increase in sales, sad Doug Anderson,
Central Inks vice president of product development. However,
the bottom line remained stagnant. The newspaper business
stabilized in 2012, but heatset sales are being impacted by con-
tinuing customer consolidation.
One area of opportunity is the international market, and
Central Ink is looking to make inroads outside of the U.S.
Our focus will be on international growth opportunities, Mr.
Anderson said. We have entered into joint venture agreements
with Rendic Graphic Systems (international sales) and C&W
Pressroom Products (fountain solution and pressroom chemicals).
Mr. Anderson noted that Central Ink enjoyed more stability
in our raw materials in 2012 than in previous years. We work
closely with all of our vendors to stay on top of any changes in
supply or pricing, he added.
In an important personnel move, Brad Dahleen left
Central Ink in 2012 to pursue other opportunities, with John
Pieranunzi being named to replace him as vice president of
sales and marketing.
While we were sorry to see Brad leave the company, we
are excited to have John Pieranunzi as our new vice president
of sales and marketing, said Mr. Anderson. John has been with
Central Ink for six years, serving as our Midwest regional sales
manager. Prior to joining Central Ink, John has worked for
INX, Sun Chemical and Graphic Color.
The printing and ink industries are changing, and Mr.
Anderson said that Central Ink will be changing along with
their customers.
The printing industry is constantly evolving, Mr. Anderson
said. We will continue to work hard to improve our processes
and add value to our customers.

Coming next month in
INK WORLD:
Resins
Inkjet Inks
Additives
Packaging Inks
16
SICPA SeCurInk CorPorAtIon
SICPA Product Security LLC
8000 Research Way
Springfeld, VA 22153
Phone: (703) 455-8050
Fax: (703) 450-4518
www.sicpa.com
E-mail: securityinks@sicpa.com
north American Sales: $60 million (Ink World estimate).
Major Products: Proprietary security inks for intaglio, ofset,
screen, fexo, gravure and inkjet security printing applications.
Providers of integrated and customized security and compli-
ance solutions for brand protection.
key Personnel: Jim Bonhivert, CEO and president; Russ LaCoste,
sales director, North America; Tom Classick, technical director.
number of employees: Approximately 150.
operating Facilities: Springfeld, VA; Fort Worth, TX; Carol
Stream, IL; Vaudreuil-Dorian, Quebec.
Comments: Counterfeiting is a major threat in many ways.
In terms of security documents, forged passports can lead
to terrorism. Counterfeit currency bleeds money out of the
economy. Counterfeit goods, particularly pharmaceuticals, can
endanger the lives of the people who count on these products.
Developing technology to ensure the security of value docu-
ments, currency and consumer products is essential, and SICPA
S.A., the Switzerland-based worldwide leader for printing inks for
currency and sensitive documents, plays a huge role in these seg-
ments. SICPA also ofers expertise in developing integrated sys-
tems for authentication and a secure supply chain. With estimated
global sales of $400 million during 2012, SICPA S.A. continues
to provide security inks for the majority of the worlds currencies.
SICPA Securink Corporation dominates the security ink busi-
ness in North America, with its inks appearing on currency and
security documents as well as packaging of value. For example,
SICPAs color-shifting Optically Variable Ink (OVI) for U.S. cur-
rency has played an important role in reducing counterfeiting.
To keep ahead of counterfeiters, SICPAs R&D experts have
developed numerous innovative inks in conjunction with its
high-tech suppliers, and ofers excellent technical support for
its products.
16
SuPerIor PrIntIng Ink
100 North St.
Teterboro, NJ 07608-1202
Phone: (201) 478-5600
Fax: (201) 478-5650
www.superiorink.com
Sales: $60 million.
Major Products: Lithographic inks varnishes and coatings for
conventional, waterless and UV applications; fexographic inks
for water-based and UV applications; inkjet inks; gravure inks.
key Personnel: Jefrey I. Simons, chairman, CEO and presi-
dent; Stan Hittman, executive VP; Harold Rubin, chief fnancial
ofcer; James La Rocca, chief operating ofcer; Peter Nunez,
VP, fnance & administration.
operating Facilities: Fifteen branches and more than 20 in-
plant facilities. The company operates facilities through Gotham
Ink and Color operations (New York and Massachusetts) and
Spinks Ink (Chicago) subsidiaries.
Comments: Superior Printing Ink had a solid year in 2012, as
the company looked to expand its portfolio, adding to its UV
ofset, water-based fexo and inkjet oferings as well as to its
in-plant operations.
Our initiatives for new and existing business development
progressed, said James La Rocca, chief operating ofcer for
Superior Printing Ink. The dedication of my co-workers and
ourcustomers contributed to making 2012 a positive year.
Mr. La Rocca noted that Superior Printing Ink continues to
improve its productivity and customer service response, includ-
ing commissioning its new automatic cartridge flling opera-
tions. The new system, which the company added in August,
flls a 4.4 lb. plastic R1 cartridge in six seconds. It also accom-
modates 8 lb. R2 cartridges with minimal change-over time.
Printers and ink makers who make it through these tough
times maintain continual improvement programs in one form
or another, and keeping pace with new technology is part of
it, Mr. La Rocca added.
The packaging market has been steady in recent years, and
Superior Printing Ink has added to its capabilities with its new
line of water-based and UV fexo inks targeted to the narrow
web and label markets.
Mr. La Rocca noted that the raw material situation has sta-
bilized for the time being.
Raw material cost and availability have stabilized when
compared to 2011, he said. We deal with it by maintaining
our 95-year history of being a good partner with our vendors.
Overall, Mr. La Rocca is optimistic about 2013.
As our momentum continues to build with our newer
product oferings, we expect animproved growth curve when
compared to last year, Mr. La Rocca concluded.
16
Van Son Holland Ink
888 Veterans Highway, Suite 440
Hauppauge, NY 11788
Phone: (631) 715-7000
Fax: (631) 715-7026
www.vansonink.com
Sales: $60 million.
Major Products: Conventional ofset, waterless ofset, UV

curable, heatset web, duplicator and wide format inkjet inks.
key Personnel: Joe Bendowski, CEO; John Sammis, presi-

dent; John Bendowski, vice president; Ed Friesendorf, national
lab and product manager.
number of Employees: 100.
operating Facilities: Headquarters in Hauppauge, NY, a

central distribution and mixing center in Chicago and blend-
ing facilities in Miami, FL, and Los Angeles, CA.
Comments: The commercial sheetfed market has changed

over the past decade, with smaller ofset printers declining in
number. For Van Son Holland Ink, the North American subsid-
iary of Royal Dutch Printing Ink Factories Van Son, changing
along with their customers has been essential to its success.
Van Son continues to experience growth in the commer-
cial sheetfed side of the business, said Joseph Bendowski, CEO
of Van Son Holland Ink Corporation of America. Through
this growth, we have been able to replace the continuing de-
cline of our original small ofset market. Also adding to in-
creased revenues during 2012 was the success of our recently
launched wide format inkjet series.
Royal Dutch Van Son just celebrated its 140th anniversary,
and it remains owned by the same family who started it.
The most signifcant highlight of 2012 was the celebration of our
140th year in business, Mr. Bendowski noted. Since our founding in
1872, we have been operating under the same family ownership, and
look forward to continuing this story into future generations.
Outside of the sheetfed market, Van Son Holland Ink has
seen growth in a number of markets.
In addition to our success in commercial sheet-fed, we are
anticipating continued growth in several areas, Mr. Bendowski
said. These include UV curable inks, inks for wide format,
heatset web and custom blends. The ongoing addition of local
ink mixing stations has had a signifcant impact on the growth
of our custom mixed oferings.
Even with its own growth, Mr, Bendowski said that the
printing industry is clearly changing.
The printing industry continues to struggle along with
the general economy, Mr. Bendowski said. Traditional ink
on paper printers are continually impacted by closures, small-
er run lengths, consolidations and digital technologies. Those
that have embraced the digital revolution have been able to
marry traditional ofset with digital to product the most desir-
able and economical options for their customers. Of course,
this transition has had some negative impact on printing ink
manufacturers.
While raw material costs and supply have stabilized some-
what during the past year, Mr. Bendowski said these remain a
concern for ink manufacturers.
There has been some temporary stabilization within the
raw materials side of our business in both pricing and availabil-
ity, he added. However, these issues still represent a challenge
to ink manufacturers as this stability is always uncertain.
While Mr. Bendowski is optimistic heading into the future,
concerns about the economy remain an issue for printers and
ink manufacturers alike.
We expect 2013 to show slow but steady growth in the same
segments that performed well during 2012, Mr. Bendowski
concluded. Until there is a major sign of improvement in our
sluggish national economy, I think printing companies and ink
companies alike will continue to face the uncertain patterns
that we have seen in recent years.
19
Color rESolutIonS
IntErnatIonal
575 Quality Blvd.
Fairfeld, OH 45014
Phone: (800) 346-7141; (513) 552-7200
Fax: (513) 552-7141
www.colorresolutions.com
52 www.INKWORLDMAGAZINE.com March/April 2013
Major Products: Flexo, gravure, UV/EB inks, graphic arts coat-
ings, metallic inks, screen inks, security inks and specialty inks.
Key Personnel: George Sickinger, chair-
man, CEO and president; Rick Gray,
VP nance/CFO; John Edelbrock, VP of
operations; Paul Fulton, VP of strategic
accounts; Joe Schlinkert, director of tech-
nology; Hixon Boyd, VP, national accounts;
Dave Barker, VP, specialty sales.
Number of employees: 127.
Operating Facilities: Manufacturing plant in Faireld, OH,
and 16 blending sites.
Comments: Color Resolutions International(CRI) enjoyed
a solid year, as the company increased its presence at trade
shows and is growing its customer base.
Consolidation in the customer base had its pluses and mi-
nuses this past year, said George Sickinger, CRIs president and
CEO. Overall, 2012 was not as good as 2011, but we nd our
pipeline of prospects increasing.
Mr. Sickinger noted that 2012 was a big year for the indus-
try trade shows, as CRI unveiled a colorful new exhibit.
We displayed at LabelExpo Americas in Chicago, where
attendance was clearly increased over 2010, he said. We met
many new narrow web and exible packaging converters
and look forward to developing those relationships. 2012 also
brought SuperCorrExpo in Atlanta, a major show for CRI. We
showcased many corrugated samples that were segregated by
level of graphics ne graphics, mid-level graphics and supply
chain graphics as well as highlighted new retail ready packag-
ing. Leads from these shows are turning into sales for 2013.
CRI continues to put much emphasis on building up its
operations in Mexico.
Color Resolutions de Mexico moved its Mexico head-
quarters to a new, larger facility in Parque Industrial Martel
(Santa Catarina), Mr. Sickinger said. We have installed a
new automatic ink dispenser that doubles our production
ink capacity and implemented a new QC process, matching
those already in place in CRIs U.S. facilities.
A water-based and UV packaging ink specialist, CRI has
built up its presence in exible packaging to add to its core
strength in the corrugated market.
We continue to see growth in the corrugated industry and
in exible packaging, Mr Sickinger added. We also continue
to see success in foreign markets. Mexico has been faring very
well, so much that we have moved to our new, larger facil-
ity in Monterrey. The new facility has showroom-type quality
and will position CRI for strong growth in Mexico and Latin
America into the future.
Raw material supply and pricing have been major concerns
for ink manufacturers in recent years. Mr. Sickinger reported
that CRI has seen stabilization for the most part.
Q4 2012 pricing and supply stabilized signicantly, Mr.
Sickinger said. We saw very few increases and supply was
strong; however, lead times did increase. Our largest concern
in 2012 was a continued price increase in Ti02. Not only were
we able to secure supply, pricing for Ti02 has leveled o for
now, both domestically and overseas. We now have stable pric-
ing through Q2 2013.
Our area of concern at the moment is with resin, Mr.
Sickinger added. We have seen increases from all players in
the resin market. All attributed it to the increase in oil pric-
ing,which in return aectskey raw materialsneeded for pro-
duction, which include propylene, benzene, solvents, styrene
and monomers such as glacial acrylic acid, ethyl acrylate, butyl
acrylate, 2-ethylhexyl acrylate and methyl methacrylate. The
rst increase has already hit and a second is out there for discus-
sion, but has not formally been announced. We are continuing
to work closely with our vendors to ensure supply and negoti-
ate pricing as well as reviewing new products.
Mr. Sickinger anticipates that while the economy will con-
tinue to improve in 2013, Color Resolutions is working closely
with its customers to keep costs down.
I expect to see the economy pick up, resulting in a general
bump in sales, Mr. Sickinger added. We have more customers with
interest in in-house ink blending. We have set up many dispensing
units across the country and have successfully aided our custom-
ers in reducing their ink inventory. They now have the ability to
make batches in the size they need and the ability to blend any
leftover inks into usable product. Many have opted in our container
recycling program. Reducing waste is of high importance, and we
anticipate that expectation to increase in coming years.
19
INK SYSTEMS, INC.
2311 South Eastern Ave.
Commerce, CA 90040
Phone: (323) 720-4000
Fax: (323) 721-6000
www.inksystemsinc.com
Sales: $55 million.
Major Products: Heatset, sheetfed and UV inks.
Key Personnel: Urban S. Hirsch III, ex-president; Tim
Van Scoy, VP of sales and marketing; Peter Notti, another VP;
Masood Solaimani, VP UV/EB; Carl Hirsch, VP special projects.
George Sickinger
Number of Employees: 250.
Operating Facilities: Commerce, CA; technical service cen-
ters in Portland, OR; Salt Lake City, UT; Seattle, WA; Orange
County, CA; Minneapolis, MN; Carlsbad, CA.
Comments: For the commercial and packaging sheetfed
markets, service is essential for many high-quality printers. This
is perfect for Ink Systems, Inc., a Commerce, CA-based special-
ist in sheetfed, heatset and UV ink, which has made its name by
providing high-tech in-plant systems.
Led by Urban Hirsch III, Ink Systems prides itself on pro-
viding state-of-the-art equipment, high-quality ink systems
and proprietary software run by experienced ink technicians.
The commercial sheetfed and publication printing markets
are facing numerous challenges as their markets are shrinking,
and ink companies are trying to cope with these changes. Mr.
Hirsch said that unlike some of his competitors, Ink Systems
held its own in 2012.
Were still observing the weeding out process, said Mr.
Hirsch, Ink Systems ex-president. I believe some companies,
ink and printing, are running in the red.
19
SENSiENt imagiNg
tEChNOlOgiES
2724 Loker Avenue West
Carlsbad, CA 92010
Phone: (760) 930-1600
Fax: (760) 930-1603
www.sensientinkjet.com
Email: info@sensientinkjet.com
Sales: $55 million in inkjet inks; $1.5 billion (overall)
Key Personnel: Kenneth Manning, chairman and CEO; John
Collopy, VP and treasurer; Christopher Daniels, VP, human re-
sources; John Hammond, SVP, general counsel and secretary;
Richard Hobbs, SVP and CFO; Paul Manning, president and
COO; Scott Jacobson, general manager, Digital Ink Jet Inks,
Americas.
major Products: Water-based pigmented and dye-based ink-
jet inks for desktop printers; water-based, solvent-based, oil-
based and dye-based inkjet inks for wide format, textile and
industrial applications.
Operating Facilities: St. Louis, MO, Tijuana, Mexico;
Badalona, Spain; Norfolk, UK, Morges, Switzerland; Bitterfeld-
Wolfen, Germany.
Comments: Sensient Technologies is a worldwide leader in
inkjet and colorant technology, as well as the worlds leading
supplier of favors, fragrances and colors used to make a diverse
variety of foods and beverages, pharmaceuticals, cosmetics,
home and personal care products, specialty printing and imag-
ing products, computer imaging and industrial colors.
In 2012, Sensient achieved record revenue of $1.5 billion,
an increase of 5% over 2011, and operating income of $191.2
million, an increase of 3% from 2011.
The Flavors & Fragrances Group, its largest division, had
sales of for $875.3 million in sales in 2012. The Colors Group
achieved record sales of $494.1 million in 2012. Inkjet inks and
colors account for 12% of Color Group sales, or $55 million.
We achieved record revenues and earnings for a third consec-
utive year despite a very challenging environment, said Kenneth
Manning, chairman and CEO of Sensient Technologies. We
increased our dividend, repurchased shares and continued to re-
invest in our business during 2012. We continue to see growth
opportunities and I am very optimistic about the companys
future.
In the digital inkjet market, Sensients Formulabs and
SensiJet desktop inkjet ink sales remain strong, as the com-
pany supplies inks to the leading OEM desktop printers. The
company also ofers inks for wide format and textile markets,
including its ElvaJet pigmented inks for polyester.
Sales and profts for inkjet inks in the Americas increased
by more than 10% compared to 2011, with increased focus
and market alignment and penetration within textiles, packag-
ing and security digital inks. Scott Jacobson, general manager,
Digital Ink Jet Inks, Americas, added there is increased trans-
formation from conventional printing to digital inkjet wide
format printing within the textile and packaging segments.
In a major personnel move, Paul Manning was elected to
the position of president and chief operating ofcer, as well as
to Sensients Board of Directors. Paul Manning joined Sensient
in June 2009 as general manager, Food Colors, North America,
and his responsibilities later expanded to include all of Latin
America, as well as pharmaceutical, industrial and inkjet colors.
He was elected president of the Color Group in July 2010.
Under Paul Mannings leadership, the Color Group achieved
record operating profts during the time he served as president.
Michael Geraghty will succeed Paul Manning as president
of the Color Group. Mr. Geraghty joined Sensient in April
2011 as general manager, Food Colors USA.
Sensient Technologies continues to expand its global color
and favor facilities. In early 2012, the company announced the
opening of its new complex in Jundia, Sao Paulo, Brazil. In
October, Sensient announced that it plans to make a signif-
cant investment to build a new color and favor complex in
Johannesburg, South Africa.
Conductive Ink Market
BY DAVID SAVASTANO
EDITOR
DAVE@RODPUB.COM
The Conductive Ink Market
The printed electronics market is making gains as new
applications emerge, and conductive ink manufacturers
are seeing more opportunities.
T
he market for printed and fexible electronics is show-
ing signs of growth, as companies are developing new
products that ofer advantages to brand owners and end
users alike. As new products, whether they are displays, printed
sensors and smart packaging, printed automotive consoles and
heating elements, printed RFID tags, photovoltaics (PV), med-
ical test strips and many other reach the market, more compa-
nies see the potential for printed electronics.
The advantages of printed and fexible electronics are nu-
merous. The frst, of course, is cost and manufacturing efcien-
cy. Being able to produce circuitry on a printing press, either
sheetfed or roll-to-roll, is a tremendous cost savings. In addi-
tion, creating a product that is fexible ofers new opportunities
and form factors.
However, there are technical hurdles to overcome, and con-
ductive inks have been one area where a great deal of research
has been conducted. As a result, there have been numerous ad-
vancements in a wide range of disciplines, from metallics to
nanoparticle inks, and conductive ink manufacturers say that
their sales are growing.
T-Ink has built up an impressive range of projects during
the past 10 years. The company has developed more than 2,000
ink formulations for PE projects, and has numerous products
in the pipeline. Its T-Ink Smart Surface 3D In-mold Overhead
Console, which features screen printed capacitive switches,
made its debut in this years Ford Fusion.
Terry Kaiserman, co-founder and chief technical ofcer for
T-Ink, Inc., said T-Ink enjoyed growth during the past year as
more of its products reached commercialization.
The release of the 2013 Ford Fusion using our part in
the Overhead Console has given printed electronics enor-
mous credibility, Mr. Kaiserman said. More and more com-
panies are coming to providers of PE to lower costs, improve
performance, lower weight and reduce form factor and, of
course, lessen the amount of materials on their bill of materials
(BOM). The future of PE is bright and growing, not without
its challenges though, but growing none the less.
Overall, Sun Chemical saw growth in the conductive inks
and printed electronics markets, thanks primarily to the high
demand in certain applications, such as permanent and dispos-
able sensors for both the industrial and medical industries,
Roy Bjorlin, global commercial director, electronic materials,
Sun Chemical, said. Due to overcapacity, there was a drop in
demand for conventional c-Si photovoltaics.
We continue to see our revenues growing, with both the
sale of our PulseForge tools as well as our Metalon conduc-
tive inks, said Stan Farnsworth, vice president of marketing
for NovaCentrix. At the end of 2012 we launched our new-
est PulseForge tool, the PulseForge 1200, for R&D use. This
product is addressing the opportunity for R&D users who
wish to have access to the sophisticated features of the full-
scale PulseForge tools but are not ready for the production
capabilities of those larger tools. The low price point for the
new 1200 puts that state-of-the-art capability into the hands of
exploratory users and developers in printed electronics. We are
very pleased at the excellent market response we have received,
and within four weeks of launching the tool we are already
shipping them to customers.
While it is true that many organizations who are working
in the printed electronics area are at the R&D phase, it is also
true that many of those have intentions to scale their eforts
into full production volumes, Mr. Farnsworth added. Those
groups especially appreciate the lineage of the PulseForge tools
that the process conditions developed on the smaller 1200
will translate directly to application with the full size tools to
mitigate scale-up risk.
Scott Gordon, business development manager DuPont
Microcircuit Materials, reported that several new markets and
applications have surfaced that utilize conductive inks.
In particular, Mr. Gordon noted two examples: screenprint-
ed, self-limiting heaters and silver conductors for 3D thermo-
forming in-mold electronics.
54-55 Conductive inks 2013.indd 54 3/1/13 11:10 AM
Conductive Ink Market
In each case, the applications build from general material
performances dating back to the 1990s, Mr. Gordon added.
The variety of applications for conductive inks and print-
ed electronics grew, said Paul Lindquist, business development
manager, Methode Electronics, Inc. I dont know if the actual
volume of ink consumed grew due to the loss of government
incentives for the photovoltaic industry, which shrunk consid-
erably. Since that was one of the largest consumer of screen
printed conductive silver, the loss of that volume may have
ofset gains in other areas.
Dr. Ian Clark, sales and marketing director, Intrinsiq
Materials Ltd., noted that the markets for conductive inks and
printed electronics continued to grow during the past year,
particularly in screenprinting, with photovoltaics (PV) and
RFID being particularly strong opportunities.
NANOGAP-USA is a supplier of conductive particle and
nanofber dispersions to conductive ink companies. Darren
Bianchi, president of NANOGAP-USA, said he is seeing
growth in the market.
We are seeing growing interest in our products from ink
manufacturers as well as increased commercial uptake, indicat-
ing that the market is continuing to grow, Mr. Bianchi said.
One of our target applications for printed electron-
ics, especially for conductive inks, is touch sensors and their
electrodes, said Shunsuke Nomura, Printed Electronics
Department, ToyoChem. Handset applications with touch
sensors will keep growing globally to the extent of 15% to 20%
annually. Other applications such as RFID and ePaper will also
keep growing, so we believe the market will grow steadily.
Expectations for the Future
With products heading into production and new applications
emerging, printed electronics is making gains in the market.
That is good news indeed for conductive ink manufacturers.
It is clear that the evolution of electronics devices will
continue to demand higher performance and lower costs,
Mr. Bjorlin said. Solutions that include material that can be
processed additively and at high speed will continue to be in
demand. In addition, there will be a rapid merge of display,
communications and security technology in emerging applica-
tions such as e-packaging that will drive demand for new and
innovative material solutions.
Mr. Gordon said that this is an exciting time for printed
electronics.
We expect continued growth within the newer applica-
tions, plus we foresee ongoing design innovations that will
bring new cost efective solutions to several markets, including
biomedical, automotive and packaging, Mr. Gordon added.
We see the market continuing to grow, Mr. Bianchi said.
We are a technology-driven company, and we anticipate capi-
talizing on further new opportunities with new and improved
products.
Printed electronics is the production method that will
increasingly beneft environmental and economic dimen-
sions, Mr. Nomura said. We believe printed electronics will
be used in several types of applications.
Mr. Farnsworth said that NovaCentrix is very optimistic
about the growth of the market.
Increasingly we are working with end users who have spe-
cifc programs with fnding and release targets, Mr. Farnsworth
said. Of course the number of exploratory users is also grow-
ing. These are signs of a healthy early-term opportunity and
are typical of the classic S-curve for the adoption of emerging
technologies.
At NovaCentrix we are committed to continuing to drive
the technologies forward, simultaneously supporting the ex-
ploratory users as well as the more savvy, experienced users
who are already quite knowledgeable in the space and are al-
ready in production of printed electronics-based devices, Mr.
Farnsworth added.
Printed electronics will continue to make gains in the
market in the niches where the process ofers function or
value, Mr. Lindquist said. It will probably never be the larg-
est manufacturing process utilized for electronics, but with in-
creased developments and economies of scale, it will continue
to grow as a production method.
If you are asking for a State of the Union type answer, I
can only reply that PE is alive and well and getting healthier
every year, Mr. Kaiserman concluded. Those that have the
funding, like in any industry, should be able to weather the
challenges and long lead times to revenue. Its not easy pioneer-
ing new ground, but all of us in the PE feld are changing the
world for decades to come.
For more information on conductive inks, including key markets, im-
portant properties and new products, please see www.inkworldmaga-
zine.com or www.printedelectronicsnow.com.
Photo courtesy of Methode Electronics, Inc.
54-55 Conductive inks 2013.indd 55 3/1/13 11:10 AM
Author: Chien (Charlie) Hsu and Richard Grandke
Contributor: Richard Fredricks, and Jerome Jourdan
BASF Corporation
1609 Biddle Avenue
Wyandotte, MI 48192
Editors Note: Novel Lamination Ink Resin received the 2012
Lawter Best Paper Award during the 2012 National Printing Ink
Research Institutes (NPIRI) Annual Technical Conference.
T
he fexible packaging market is very complex, com-
posed of packaging materials made from composites
of flm, foil and paper. Printing inks for flm and foil
fexible packaging are a wide and diverse market dominated by
solvent-based ink systems.
The flm printing market from an ink perspective can be fur-
ther divided into surface and lamination applications. Inks for
single web, surface or reverse printed webs are used to package
baked goods, confectionery or other low-barrier applications.
Inks for multi-laminated structures are typically reverse printed
on the outer web then laminated to the secondary webs with
an adhesive and used for more demanding barrier applications
such as snack food, meat and poultry, cofee and dairy applica-
tions. This paper focuses on the lamination segment.
Lamination Structures
Typical laminates are produced by coating a secondary or in-
ner flm(s) with an adhesive, drying the adhesive (if solvent or
water based) and then combined together with the primary or
outer flm, which is typically printed, as depicted in Figure 1.
The fexible packaging industry is becoming more complex
as a variety of substrates, as well as a broad range of adhesives
with diferent performance properties, are introduced into the
market. Various types of adhesives are used to bond the vari-
ous flms. The adhesive could either be molten polyethylene,
also referred to as extrusion lamination, solvent- or water-based
adhesives, or solvent-less lamination utilizing 2K urethane
chemistry. Under heat and pressure, an industrial laminator
combines the structure.
Printing Inks for Laminations
Printing ink formulations must be suitable for complex pack-
aging and meet all ftness-for-use requirements. The inks for
laminations have to withstand the lamination process, while
yielding bond strengths consistent with the product applica-
tion. In addition, these inks have to print consistently at high
speeds, i.e. minimal down time and maintain a high level of
graphic quality over long periods.
To meet these increased demands, ink manufacturers must
formulate inks that meet all of the performance requirements.
Adhesion to a variety of substrates, good bond strengths, com-
patibility with various adhesives as well as good opacity for
white inks and good print quality
for colors are the primary require-
ments of successful ink formulations.
Various printing applications require
diferent line screens and anilox cell
volumes. The trend is to utilize
higher line screen, lower volume
anilox rolls to enhance the quality
of the graphic image. These lower
volumes, higher line screen anilox
rolls require the use of high strength
inks to maintain the color intensity
at lower volumes. The combination Figure 1. Schematic representation of a laminate
Substrate
Ink
Adhesive
Substrate
56-59 Novel Lamination Ink Resin.indd 56 2/28/13 3:28 PM
of high strength inks with higher line screen anilox rolls give
printers the opportunity to reach for higher graphics with fner
vignettes, crisp lines and type, and higher quality process work.
As Nitrocellulose (NC) is widely used as the grinding resin
for many diferent types of pigments as well as many ink systems,
there is a need for ink lamination resins that have good NC
compatibility. This paper discusses the performance of lamina-
tion inks based on diferent resin chemistries when combined
with NC-based color dispersions. The frst ink was formulated
with a polyurethane (labeled as Polymer-A). The second ink was
formulated with a newly developed polyester resin (labeled as
Polymer-B). Both inks were prepared using NC-based disper-
sions. Standard lamination ink test protocols were used.
Novel Polymer-B is a multi-functional polyester with a rela-
tively low molecular weight as compared to Polymer-A. While
most low molecular weight polymers used as co-binders are in-
corporated at low levels, typically less than 20 wt% of total resin
solids, it was found that Polymer-B can be blended with NC
in a broad range. In addition, it is noted that ink formulations
prepared with 65~80 wt% of Polymer-B to total resin solids
yielded the highest bond strength values in this study.
Characterization of Polymers (Polymer-A,
Polyurethane vs. Polymer-B, Polyester)
Properties of Ink Resins
Polymer-A was a non-reactive, high molecular weight poly-
urethane synthesized by a di-isocyanate with a polypropylene
glycol. Polymer-A was synthesized at two molecular weights
(Polymer A-1 and Polymer A-2). Polymer-B, a saturated poly-
ester, was synthesized by reacting a di-acid monomer with a
monomer with hydroxyl functional groups. See Table 1.
Rheology of Resin Solutions
Viscosities of typical polymer solutions depend on concentra-
tion and size (i.e., molecular weight) of the dissolved polymer.
It was expected that the measured solution viscosity would be
higher for higher molecular weight polymers. As depicted in
Figure 2, the viscosity of Polymer-B solution is much low-
er than either Polymer A-1 or A-2 in a solvent blend of 80%
N-propanol with 20% N-propyl acetate.
The resin solution with a lower viscosity is potentially capable
of making a coating or ink with higher solids, or lower VOC. In
fact, total solids of the white ink made from Polymer-B was over
6% higher than Polymer A-2; Polymer-A-1 was about 4% higher
than the one made from Polymer-A-2 as shown in Table 2.
Ink Compositions and Performance
Both white and blue ink compositions and properties are outlined
in Tables 2 - 5. White inks were prepared with Polymer-B and
two polyurethanes; Polymer-A-1 with a molecular weight (Mw)
~20,000 and Polymer-A-2 with Mw ~35,000. The viscosity /
solids curves for the white ink formulations correlate with the
molecular weight of polymers, as shown in Table 2. However,
the lamination performance does not correlate across the tested
samples. Within the same polymer chemistry, i.e. polyurethane, a
higher molecular weight yielded higher bond strength, as shown
in Ink-A-1 vs. Ink-A-2. The ink based on Polymer-A-1 was
higher in solids vs. the A-2 ink, but lamination bond strength of
the Polymer-A-1 ink was much lower than the Polymer A-2 ink
in both PET//PE and OPP//OPP experiments. However, the
Table 1. Properties of ink resins
CharaCteristiCs Polymer-a Polymer-B
Chemistry Polyurethane Polyester
molecular weight, mw A-1: 20,000 (3.88)
a-2: 35,000 2,500 (1.54)
Functionality
urethane
linkage
ester, hydroxyl,
carboxylic acid
Glass Cleaner/ammonia $132,527,400 (1.57)
lime/rust remover $22,985,020 5.22
Nonabrasive tub/tile Cleaner $228,269,400 (7.28)
oven/appliance Cleaner/
Degreaser
$74,593,990 10.27
specialty Cleaner/Polish $37,595,880 2.50
spray Disinfectant $96,030,610 (2.80)
Figure 2. Viscosity of resin solutions of Polymer-A and Polymer-B
Table 2. Compositions of white inks
iNGreDieNt, wt% ink-a-1 iNk-a-2 iNk-B
Pigment, % 35.9 32.9 37.5
NC, % 4.5 4.1 4.7
Polymer a, %
(a-1 or a-2) 12.1 11.0 ----
Polymer B, % --- ---- 12.6
total NV, % 52.5 48.1 54.8
molecular weight of Polymer-B is much lower than either A-1
or A-2; it formed a much higher lamination bond strength than
Polymer-A-1. The white ink formulated with Polymer-B has the
unique combination of higher solids plus high bond strength as
compared to the inks based on the two variations of Polymer-A.
Color ink formulations utilizing NC-based phthalocya-
nine blue dispersions were also evaluated using Polymer-A-2
and Polymer-B. Note: Polymer-A-1 was not further eval-
uated due to its poor lamination results in the white ink
formulation test. Table 4 and Table 5 illustrate ink com-
positions and properties. Lamination bond strength was
measured for PET//PE and OPP//OPP structures with a
solvent-less adhesive. At the print viscosity, total ink sol-
ids in the blue ink with Polymer-B were approximately 6%
higher than Polymer-A-2 ink.
Ink-A-2 and Ink-B, made with Polymer-A-2 and
Polymer-B, respectively, have equal lamination bond
strength performance in PET//PE and OPP//OPP struc-
tures. The ink formulations demonstrated that Polymer-B
allows higher solids, stronger inks (i.e. less solvent or lower
VOC) with equivalent lamination bonds.
Characteristics of Polymer-B, the Novel
Polyester Ink Resin
High solids inks made with Polymer-B
As discussed previously, Polymer-B not only has very good
lamination bond strength but also enables high solids inks.
Higher solids, higher pigmented inks allow converters to
use a finer line, lower volume anilox rolls for higher qual-
ity printing and may help to enable increased press speeds.
Ink rheological behavior at press is complex. The solids
volume fraction (SVF) influences the rheological charac-
teristics of a solid/ liquid dispersion as an ink. In a pig-
ment suspension, the shape and packing of solid pigment
particles during flow affects the viscosity. Resin is typically
dissolved in the ink solvents, but will gradually precipitate
out when solvent evaporates during the drying process.
For this reason, researchers will often focus on determin-
ing the maximum packing fraction (MPF, m) of an ink
system. MPF is defined as the highest volume fraction of
solids, also called the immobilization point, which is the
given solids point at which the ink has lost any plasticity
or deformation ability, and its viscosity increases abruptly
to a very high value.
Figure 3 shows viscosities of white inks made with
Polymer-A-2 and Polymer-B, respectively, as a function
of increasing solids volume fraction (SVF). Ink viscosi-
ties are exponentially correlated with SVF. Noticeably,
Table 3. Properties of white inks
ProPerty Ink-A-1 Ink-A-2 Ink-B
Viscosity, cps 111 95 123
Contrast ratio 60.9 60.5 62.8
tape adhesion* 5 5 5
Blocking*: face/back 5 5 5
Bond strength, gf/in,
Pet//Pe
45 500 (T) 850 (T)
oPP//oPP
100 620 (T) 900 (T)
Table 4: Compositions of blue inks
IngredIent, wt% Ink-A-2 Ink-B
Pigment, % 16.2 19.4
nC, % 4.0 4.8
Polymer A, % 5 5
(A-1 or A-2) 10.0 ----
Polymer B, % ---- 12.0
total nV, % 30.2 36.2
Table 5. Properties of blue inks
ProPerty of Blue
Inks
Ink-A-2 Ink-B
Viscosity, cps 121 120
Color density 2.0 2.4
tape adhesion* (1 hour) 5 5
Blocking*: face/back 5 5
Pet//Pe (white/ blue)
320 (T) 460 (T)
oPP//oPP
450 (T) 480 (T)
*rating scale from 1-5, 5 as the best
Figure 3. Viscosity of white inks as a function of solid volume fractions
Polymer-A-2 ink viscosity is much higher than Polymer-B
ink viscosity at a given solids level. In other words, the
ink formulated with Polymer-B, at print viscosity, con-
tains approximately 30% more solids (by volume) than
the Polymer-A-2 ink. Therefore, Polymer-B can increase
formulation latitude and enable higher pigment loadings.
Both attributes have the potential to improve the graphic
capabilities of the ink.
Lamination bond strength of inks made
with Polymer-B
Lamination bond strength is assessed by delaminating the
printed specimen with the use of an Instron tension tester or
equivalent. In a peel experiment where the lamination sample
is being separated, the behavior of the peel forces for cohesive
and adhesive failure can be observed by checking the peeled
interface. Cohesive failure occurs when fracture appears with-
in either the ink or adhesive if the system experiences an exter-
nal force of sufcient intensity. However, if the adhesion at the
interface is lower than the cohesion of the ink or adhesive layer,
adhesive failure is observed at either interface between ink and
substrate, between ink and adhesive, or between adhesive and
substrate. In lamination applications, the printing ink can be
designed to incorporate functional polymers that will result in
optimal behavior, i.e. high peel energy and adhesive failure, for
a given flm construction.
The efect of Polymer-B on the peel strength of polyes-
ter-polyethylene flm lamination has been examined with a
solvent-less adhesive by formulating Polymer-B with various
amounts of NC, as shown in Figure 4. Peel energy for de-
laminating the laminate samples increased as the percentage of
Polymer-B increased, then drastically dropped in cohesive frac-
ture mode. The ink formulated with ~73% Polymer-B in total
polymer solids presented the optimum peel strength.
It is well known that nitrocellulose (NC) resin, by itself, is
rigid, infexible, with poor adhesion to polymeric substrates. It
is usually modifed with plasticizers or blended with co-resins
to achieve acceptable performance. Figure 4 illustrated the
synergistic efect of combining Polymer-B with NC in an ink
formulation. The ink system incorporates NC, which provided
cohesive strength due to its relatively high molecular weight
(Mw ~36,000 and Mn ~10,000 Daltons), and Polymer-B, which
augmented adhesive strength through its functional moieties.
An ink system with optimal bond strength can be generated by
carefully balancing the amount of NC and Polymer-B.
Conclusions
Flexible flm lamination bond strengths are highly correlated
with ink resin compositions. Novel ink resins can be devel-
oped that will improve upon existing technologies and satisfy
the performance improvement requirements of high quality
fexographic printing of laminated packaging. This new resin
technology enables ink formulators to design inks that exhibit
the desired properties of high color strength, high opacity, high
solids, lower VOC and as well as suitable bond strength and
good print characteristics.
References
Harper web site information.
PAPEL vol. 72, num. 11, pp. 55 - 59, Nov. 2011
Chien Lu (Charlie) Hsu is senior research scientist, Resins &
Performance Additives, Printing & Packaging, North America for
BASF Corporation. Born in Taiwan, Mr. Hsu earned a masters
of science degree in chemical engineering from Lehigh University,
Bethlehem, PA, and a bachelor of science in chemical engineering from
the National Taiwan University in Taiwan. Mr. Hsu has more than
20 years experience in the printing ink and polymer industry, and
has been teaching the rheology section for the NPIRI summer course
for more than seven years. Mr. Hsu joined BASF in 2008, and is
the senior research scientist for BASFs packaging printing inks. He
is responsible for BASF resins used in ink and overprint varnish ap-
plications for the printing and packaging industry in North America,
headquartered in Wyandotte, MI.
Rick Grandke is industry manager, Resins & Performance Additives,
Printing & Packaging, North America for BASF Corporation. A na-
tive of Michigan, Mr. Grandke earned a masters degree in business ad-
ministration, from Clark University in Massachusetts, and a bachelor
of science in management from Wayne State University in Michigan.
Mr. Grandke has more than 35 years experience in the ink and poly-
mer industry, and has held several technical management positions with
Inmont BASF and Johnson Polymer. Mr. Grandke re-joined BASF
in 2006, and is currently industry manager for BASFs printing and
packaging resin business. He is responsible for BASF resins used in
ink and overprint varnish applications for the printing & packaging
industry in North America, headquartered in Wyandotte, MI.
Figure 4. Peel energy of lamination as a function Polymer B in the ink;
an optimum concentration is about 73% of Polymer B.
calendar
March
March 19-21: European Coatings
Show, Nrnberg, Germany.
More info: Nrnberg Messe GmbH, +49 (0)
9 11. 86 06-49 00; via web: www.europe-
an-coatings-show.com
April
April 6-9: NAPIM Annual Convention,
Hyatt Regency Coconut Point, Bonita
Springs, FL.
More info: NAPIM (732) 855-1525; e-mail:
napim@napim.org; web: www.napim.org.
April 17-18: PE Europe 2013, Berlin,
Germany.
More info: IDTechEx, phone +44 (0)1223
810270; through e-mail: c.clare@IDTechEx.
com; web: www.idtechex.com
April 28-May 1: FTA 2013 Annual
Forum, San Diego, CA.
More info: Flexographic Technical Association,
(631) 737-6020; via e-mail: memberinfo@
fexography.org; web: www.fexography.org.
April 29-May 2: Eastern Coatings
Show (ECS), Taj Mahal, Atlantic City, NJ.
More info: Ann Fody, executive director, The
Metropolitan New York Coatings Association
(MNYCA), (732) 291-0168; e-mail:
fodyassociates@gmail.com.
June
June 11-13: LOPE-C 2013, Messe
Mnchen, Germany.
More info: Anja Schneider, exhibition director,
+49 89 949-20223; e-mail: anja.schneider@
messe-muenchen.de; web: www.lope-c.com.
July
July 17-18: Latin American Coatings
Show, Mexico City, Mexico.
More info: Coatings Group, +44 1737
855078; e-mail: jefmontgomery@quartz-
ltd.com; web: www.coatings-group.com/show/
lacs/index.php.
September
Sept. 23-25: Pack Expo 2013, Las
Vegas, NV.
More info: PMMI, (703) 243-8555; e-
mail: expo@pmmi.org; web: www.pmmi.org.
Sept. 24-27: Labelexpo Europe 2013,
Brussels Expo, Belgium.
More info: Lisa Milburn, Tarsus Group, +44
(0)20 8846 2740; web: www.labelexpo-
europe.com.
October
Oct. 22-24: Eurocoat 2013, Piacenza,
Italy.
More info: Groupe InfoPro, +33 (0)1 77 92
96 84. E-mail: cladet@infopro.fr; web:
www.eurocoat-expo.com.
Oct. 23-25: SGIA Expo, Orange County
Convention Center, Orlando, FL.
More info: Specialty Graphic Imaging
Association (SGIA), (888) 385-3588; web:
www.sgia.org.
November
Nov. 20-22: CHINACOAT 2013,
Shanghai New International Expo Centre
(SNIEC), Shanghai, P. R. China.
More info: Sinostar International Ltd.,
+852 2865 0062; e-mail: info@sinostar-
intl.com.hk; web: www.chinacoat.net.
Conferences 2013
March 19-21
European Coatings Show
Nrnberg, Germany
April 6-9
NAPIM Annual Convention
Bonita Springs, FL
April 29-May 1
FTA 2013 Annual Forum
San Diego, CA
April 29-May 2
Eastern Coatings Show
Atlantic City, NJ
July 17-18
Latin American Coatings Show
Mexico City, Mexico
Sept. 23-25
Pack Expo 2013
Las Vegas, NV
Sept. 24-27
Labelexpo Europe 2013
Brussels, Belgium
Oct. 22-24
Eurocoat 2013
Piacenza, Italy
Oct. 23-25
SGIA Expo
Orlando, FL
Nov. 20-22
CHINACOAT 2013
Shanghai, P.R. China
60 IW Calendar 313.indd 60 2/28/13 3:29 PM
personnel
Sun Chemicals Tony Bean
Speaks at TAGA and RadTech
S
un Chemicals Anthony Bean
discussed recent trends and in-
novations in low migration ink
technology for the food packaging in-
dustry at the Technical Association of
Graphic Arts (TAGA) Annual Technical
Conference and RadTechs uv.eb West.
During both events, Mr. Bean high-
lighted the recent need for low migration
inks in the food packaging industry, cit-
ing the Food and Drug Administrations
(FDA) regulations around the technology,
and the Swiss Ordinance governing pack-
aging and printing inks across Europe.
There is a lot of conversation in the
industry right now about low migra-
tion technology, said Mr. Bean, manager
of energy curing ink at Sun Chemical.
Brand owners and converters alike are
feeling the demand for inks that meet
both the Swiss Ordinance and FDAs
regulations. While it is widely considered
that the two regulations have signifcant
diferences, it is surprising how similar
they actually are. My presentations at
TAGA and RadTech clarify the difer-
ences in both terms and technology re-
lated to low migration ink.
Sartomer Appoints
Dr. Heather Rayle Senior
Business Director
Sartomer USA, LLC, has appointed Dr.
Heather Rayle as senior business direc-
tor. Dr. Rayle will be responsible for
marketing, sales and fnance. She reports
directly to Douglas Sharp, Sartomers
global president, and will assume the
commercial responsibilities of Al Tuccio,
who has transitioned to a new position
within Arkema.
In her role, Dr. Rayle will chair the
Regional Management Committee,
which is responsible for the Americas
business, and will drive Sartomers re-
gional R&D, manufacturing and supply
chain teams to execute the companys
ma r ke t - f oc us e d
business strategy.
Dr. Rayle has
a well-established
career in materi-
als manufacturing,
serving in several
managerial posi-
tions for Rohm and
Haas and The Dow
Chemical Company. Her most recent
position prior to Sartomer was in general
management for specialty glass materials.
She received her bachelors degree in
chemistry from Penn State University
and an MBA from Lehigh University.
Dr. Rayle also earned a Ph.D. in or-
ganic chemistry from the University
of California, Los Angeles. She will be
based out of the companys Exton, PA
headquarters.
Christine Gehres Joins
LANSCO COLORS As Senior
Vice President of Sales
LANSCO COLORS announces that
Christine Gehres has joined LANSCO
as senior vice president of sales. She will
lead LANSCOs sales eforts and support
the companys continued growth.
Ms. Gehres is a highly accomplished
business executive with a wealth of in-
ternational experience in the pigment
industry gained over more than 20 years
at global chemical companies including
Hoechst (Clariant), Engelhard (BASF)
and Ciba.
Shaun Mueller Joins Aakash
Chemicals As Technical
Director, Coatings
Aakash Chemicals announced the hiring
of Shaun Mueller as its technical director,
coatings for its global technical innova-
tion squad.
Mr. Mueller comes to Aakash Chemicals
with more than 20 years of experience
within the inks and coatings industries. He
is an expert in new product formulations
for many inks and coatings applications as
well as extremely technically versed in sur-
face chemistry.
Mr. Mueller will lead in R&D and the
development of new manufacturing for-
mulations for Aakash Chemicals inks and
coatings applications, including the com-
panys line of liquid colorants, as well as
new products Aakash Chemicals will be
manufacturing and bringing to the inks
and coatings market.
Tom Papasso Joins D.B.
Becker Co. as Northeast
Technical Sales Manager
The D.B. Becker Co., Inc. announced the
hiring of Tom Papasso as Northeast tech-
nical sales manager. Mr. Papasso received
his bachelors degree in chemistry from
Wagner College in Staten Island, NY. He
has 18 years of industry experience, the
majority of that in the coatings market.
Prior to joining D.B. Becker, Mr.
Papasso worked for Orion Engineered
Carbons, a spin-of of Evonik Degussa
Corporation, and held the position of
technical market manager, where he pro-
vided technical and sales support for coat-
ings, inks, plastics and other carbon black
applications.
At Evonik, Mr. Papasso worked for
the Inorganic Materials group, supporting
their matting agent, fumed silica and car-
bon black business.
His coatings career began with
Sherwin Williams in 1998, where his
work included the development of sol-
vent- and water-based clear wood fnish-
es and wood stains. Previous experience
also included product development for
Reckitt Benckiser, Church & Dwight
and Rhodia.
Heather Rayle
61-62 Personnel0313.indd 61 2/28/13 3:30 PM
personnel
Coatings, Ink Industries Mourn
Charles Hoover III
By David Savastano
Charles E. (Chuck) Hoover III, president
of Hoover Color, passed away at his home in
Blacksburg, VA, on Jan. 17, 2013, just shy of
his 78th birthday.
Chuck, as he was known to friends and
family, was born in Flushing, NY to the late
Charles E. Hoover Jr. and Jessie Heerlein
Hoover, and grew up in Maplewood, NJ. It was there
that he met and married his wife, Diane Schueler Hoover.
A graduate of Albright College, Reading, PA, he was a co-
captain of the Albright Lions football team. After college, he
joined the New Jersey National Guard, earning the rank of
second lieutenant.
Chuck joined the family company, Hoover Color, in 1954
and became president in 1960. He held this post until his
death. Mr. and Mrs. Hoover moved to Short Hills, NJ in
1961, where they raised their three children. They moved to
Blacksburg in 1989.
His son, Charles E. (Chuck) Hoover V, recalled that his
father always told him that Business is the friends you
make. When people frst heard this expression from my
father, they sometimes were taken aback because it
sounded a little manipulative. But once you knew my father,
the clearer the meaning was. The expression has many
meanings to us at Hoover Color.
His son went on to explain, In this day and age, if your
products are not of acceptable quality, you are not offering
your products at a competitive price or if you are not
providing acceptable service, your products will not even
be considered. So if you and your competitor are selling
similar products at similar prices, who does the customer
buy from? He buys from the friend he has learned to trust.
My father also used the expression to defne his
feeling about work. A truly successful person is one who
has incorporated work into his life. If the people you work
with are your friends and you get satisfaction from the work
itself, you will be happy in life, his son added about his dad.
Mr. Hoover had a keen sense of business, and was able
to revamp the family business as times changed.
From a business point of view, his biggest accomplishment
was being able to transform Hoover Color as market demands
changed, Charles Hoover V said. When he joined the
business in 1954, there was no colorant business. My great-
grandfather had been in the paint business and had built
Hoover Color as a custom pigment blender, making the exact
color people needed.
As the colorant business evolved in the 1960s and 1970s,
the need for custom pigment blends shrank, he added.
In his 1970 acquisition of the facility in Virginia, my father
transformed Hoover Color from a pigment blending company
to being a primary manufacturer. He was also very good at
getting people to reach a consensus, and helped the pigment
industry work together during his tenure as president of the
Color Pigment Manufacturers Association (CPMA).
When not at work Chuck enjoyed traveling, football and
puttering around. He was an avid skier and loved to ski at
their homes in Vermont and Colorado with his family and
friends; his family noted that Mr. Hoover departed this world
as the frst big snowstorm of the year blanketed Blacksburg.
Daniel Canavan Sr., president and CEO for D. B. Becker
Co., Inc., knew Mr. Hoover for nearly 25 years, and said he
was both a leader and a gentleman.
Chuck was a gentlemen in the truest sense of the word,
and I doubt if there are many men in our chemical industry
who possess his depth and knowledge and his high regard
for others, Mr. Canavan said. Chuck Hoover was a leader in
the development of inorganic pigments for usage in paints,
inks, coatings, sealants, plastics, construction-concrete,
artist paints and colors.
Chuck was genuine, Mr. Canavan added. There was
nothing artifcial because it came from the heart. Chuck will
be greatly missed, as the industry has lost a man of great
leadership and conviction to our industry.
Charles Hoover V said that he has received numerous
condolence notes over the passing of his father, as he
touched so many lives.
In many of the condolence notes that Ive received from
my fathers business friends, I heard one of my fathers
expressions over and over again: Hoover Dumb Luck,
his son noted. As one friend said, this wasnt dumb at all.
What it really was a combination of preparation meeting
opportunity, along with a philosophy that everything comes
with patience. My father felt that luck sometimes needed
to be nudged in the right direction, but if you were prepared
and patient, things had a way of falling into place.
Mr. Hoover is survived by Diane, his wife of 55 years;
their three children and their spouses Charles and Therese
Hoover, Kristopher and Elizabeth Hoover, and Allison and
John Hamborsky and a brother, W. David Hoover. He was
also the proud grandfather of seven grandchildren.
In lieu of fowers, donations can be made in memory of
Chuck to the Sojourn Center, P.O. Box 295, Blacksburg, VA
24063 (a planned residential hospice center for the New
River Valley, www.sojourncenter.org) or the Blacksburg
United Methodist Church, 111 Church St. SE, Blacksburg,
VA 24060, (www.blacksburgmc.org).
61-62 Personnel0313.indd 62 2/28/13 3:30 PM
industry news
suppliers corner
Toyo Ink SC Holdings Co., Heubach Colour
to Set Up JV in Ankleshwar, Gujarat, India
T
oyo Ink SC Holdings Co., Ltd.
announced that it will establish
a joint venture in Ankleshwar,
Gujarat, India in collaboration with
Heubach Colour Pvt. Ltd. The aim of
the new company is to strengthen sales of
Toyo Inks pigments in India and overseas.
The alliance will facilitate the distri-
bution of organic pigments, which are
internationally competitive in terms of per-
formance, quality and prices, within India
and overseas. The organic pigment products
will also be supplied to the Toyo Ink Groups
India-based activities relating to its products
in an efort to improve competitiveness.
Heubach Colour, afliated with
the more than 600year-old Heubach
Group, is among the companies occupy-
ing the largest share in India.
The aim of the recent establishment
of a joint venture is for both companies
to maximize, through the establishment
of a close partnership in yellow organic
pigments, the sharing of their manage-
ment resources and advantages in an ef-
fort to facilitate their business expansion.
Heubach Colour has production in-
frastructure and capacity for raw material
procurement and marketing in India, while
the Toyo Ink Group has technical expertise
in the production of high-quality yellow
organic pigments, as well as international
brand power. Combining these strengths
will help form a system for the production
and marketing of pigments that can com-
pete on a worldwide level.
The establishment of the joint venture
will be followed by construction of a fac-
tory within Heubach Colours production
site. The new factory will commence com-
mercial production in May 2014, leading
to sales expansion through marketing ac-
tivities in India and the two groups global
sales networks. They aim to achieve sales
volume of 2,000 tons by 2016.
Yuen Liang Offers C-9
Resins for Printing Inks
Yuen Liang Industrial & Co Ltd. (YL), a
privately owned manufacturer of petro-
leum resins for a wide range of industrial
applications, has acquired the ability to
manufacture diferent kinds of C-9 resin
products for numerous applications, in-
cluding ofset and gravure inks.
Established in 1975, Yuen Liang
Industrial & Co. Ltd.s main manufac-
turing facility is located in Kaohsiung,
Taiwan, R.O.C. YLs products are global.
YL is ISO 9001 and REACH certifed.
For the past 37 years, YL has acquired
the ability to manufacture diferent kinds
of C-9 resin products to help custom-
ers manufacture their products better. To
achieve this goal, YL keeps investing in
their R&D, enriching employee training,
broadening their after-sales services and
enhancing cooperation with various cus-
tomers. YLs vision is to grow with their
precious customers everyday.
YLs manufacturing and raw material
fexibility allows them to provide and
supply products for various applications,
including lithographic ink, gravure ink,
paint, hot melt adhesive, contact adhe-
sive, rubber compound, color asphalt and
wetter in plastics and fller.
Hydrite Chemical
Announces Price Increases
Efective Jan. 18, 2013, Hydrite Chemical
Co. increased list and of-list pricing for
Lucidene, HydriPrint emulsions and
Morcryl solutions by $0.03/lb. to $0.05/
lb. The price increase will be based on
raw material components used in the
production of the Lucidene, HydriPrint
and Morcryl products. The increasing
cost of key raw materials makes this price
increase necessary.
Ross Offers New PowerMix
Planetary Disperser for
No-Charge Testing
Ross technical director Ken Langhorn
announced the addition of a new 10-gal-
lon PowerMix Planetary Disperser to the
Ross Test & Development Center. The
vacuum-rated mixer is equipped with
a dual-bladed high speed disperser and
a helical high viscosity planetary stirrer.
A patented mixer design (US Patent No.
4,697,929), the PowerMix is used for
dispersing powders, fbers or other solids
into liquid and as the material thickens,
the combined mixing power of its agita-
tors can continue to apply high levels of
shear even after the product has reached
a viscous, non-fowing state.
The Ross PowerMix Model PDM-
10 features a portable mix vessel, air/oil
hydraulic lift to raise and lower the agi-
tators, multiple sight/charge ports, tank
light and NEMA 12 control panel. This
unit is one of more than 40 mixers and
blenders being ofered for no-charge
demonstration and testing utilizing
customers actual raw materials. The fa-
cility also houses a well-equipped ana-
lytical laboratory for quick evaluation of
samples produced in a mixing trial. Any
hazardous materials that cannot be safe-
ly handled in the Test & Development
Center can be batched in the custom-
ers own plant through the use of rental
equipment. More info: Charles Ross, +1
(800) 243-ROSS; www.mixers.com
63 IND NEWS-SUPPLIERS 0313.indd 63 2/28/13 3:35 PM
Project62:Layout 1 3/2/12 11:34 AM Page 1
March/April 2013 www.INKWORLDMAGAZINE.com 65
Advertiser Page No. Phone Web Site
Air Products & Chemicals Inc. 5, 27 800-345-3148 www.airproducts.com
BASF Corporation 3 800-231-7868 www.basf.us/dpsolutions
ChinaCoat 2013 15 (852) 2865 0062 www.chinacoat.net
Conn & Company 41 814-723-7980 www.connblade.com
Eckart 23 440-954-7600 www.eckart.net
Engineered Mills, Inc. 35 847-548-0044 www.EMImills.com
Heubach Ltd. 7 800-HEUBACH www.heubachcolor.com
Hydrite Chemical Co. 31 252-792-2372 www.hydrite.com
Inksolutions, LLC 34, 38. 44, 47 847-593-5200 www.inksolutions.us
Keim-Additec Surface GmbH 37 847-920-1676 www.keim-additec.de
Keith Machinery Corp. 64 631-957-1200 www.keithmachinery.com
Kustom Group 11 859-485-8600 www.kustomgroup.com
Little Joe Industries 13 908-359-5213 www.littlejoe.com
Lubrizol Corporation Cover 3 216-447-5000 www.lubrizolcoatings.com
Munzing Cover 4 973-279-1306 www.munzing.com
Resolute Oil, LLC 39 866-690-0417 www.resoluteoil.com
Ross, Charles & Son 9 800-243-ROSS www.disperers.com
Sartomer 19 610-363-4100 www.sartomer.com
Shamrock Technologies Inc. Cover 2 973-242-2999 www.shamrocktechnologies.com
Sun Chemical 21 800-543-2323 www.sunchemical.com
Trust Chem USA 33 401-398-7301 www.trustchemusa.com
Yuen Liang Industrial & Co., Ltd. 43 +886-7-6161234 www.ylresin.com
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INK inc.
O
ne of the most important challenges facing any new
business is determining exactly who the customers
are for their products. A company can have great
products, but if the target audience isnt the right one, that new
business faces difculties right out of the gate.
For Levi Scott, founder and president of Scott Printing Ink,
LLC, a Holmes, PA-based specialist in ofset, fexographic and
specialty inks that came into existence in 2010, fnding the
right market took a little time, but everything is now moving
ahead well.
As a small business, the hardest part is identifying who
wants what you are sell-
ing, said Mr. Scott. During
my frst six months, I was
shooting at elephants and
not hitting any. I realized that
my target market is the re-
gional printers who are be-
ing victimized by the larger
ink companies. I recognized
that there is an opportunity
for small ink companies in
the Mid-Atlantic region that
can support the local print-
ers, so I decided to go ahead.
The real value is under-
standing who your customer
is and what they need, Mr.
Scott added. I can provide
the technical support, keep
a certain amount in inven-
tory for my customers, and
get the ink to my customers
when they need it. Because
of this, there is an opportu-
nity for Scott Printing Ink
in the industry.
The only veteran-owned,
certifed-MBE in the ink
industry, Scott Printing Ink,
LLC manufactures and sells
its inks from its 7,000 sq.ft.
manufacturing facility in Delaware County, PA. In addition to
ofering process colors, the company also ofers Pantone shades.
The companys mission is to fnd solutions to difcult printing
problems.
Scott Printing Ink focuses on new product development
and fnding these solutions to challenging problems on press.
This makes plenty of sense, as Mr. Scotts background is on
the additive side of the ink business, having worked in the lab
as well as sales for IGM Resins, Cognis and ARCO Chemical
prior to starting his ink company.
I spent most of my career in the lab, and I know how com-
panies struggle to make sure their existing products run right,
not to mention running new products, Mr. Scott said.
Typically, new ink manufacturers have a broad understand-
ing of color but less knowledge of ink chemistry, but with his
years of work on resins, additives and UV chemistry, Mr. Scott is
well prepared for the chem-
istry side of the business.
I have a broad back-
ground in ink chemistry and
understand additives science,
but what I found most dif-
fcult was color science, Mr.
Scott said. With some ef-
fort, I fortunately have been
able to accomplish that, and
I have to thank God for that.
Most ink makers dont un-
derstand the resin side, and
Ive been able to put every-
thing together.
Because of his experi-
ence on the additives side,
Mr. Scott and his team enjoy
developing customized inks
for their customers. Their
experience allows them to
create inks for virtually ev-
ery market, from ofset to
packaging, and water-based
to energy curing. As a result,
Scott Printing Ink is reach-
ing new customers and fnd-
ing new opportunities.
We are diversifed. Our
core markets are sheetfed
and heatset inks, and we
have opportunities in water-based and UV screen, Mr. Scott
added. Packaging is also a good market for us. We are getting
our frst orders, and we are hoping to grow our company. I see
2013 as being a really exciting year for us.
David Savastano

Scott Printing Ink, LLC
500 Pine St., 3C
Holmes, PA 19043
Tel: (484) 494-5301
E-Mail:
www.scottprintinginks.com
Specialties: Offset, fexographic
and specialty inks.
Scott Printing Ink Brings Materials Expertise
to Regional Printing Market
66 INK Inc0313.indd 66 2/28/13 3:36 PM
Trademarks owned by The Lubrizol Corporation The Lubrizol Corporation , All Rights Reserved.
CMYK +J
DIGITAL PRINTING

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Untitled-20 1 3/1/13 3:39 PM

Untitled-15 1 2/22/13 12:18 PM

Structured Siloxane Defoamer Line.

* Most efficient and aggressive Poly Blade available.

major Products: Heatset, sheetfed, coldset, UV and EB,

operational Facilities: Main plants in Kankakee, IL, USA

Sales: $112 million.

major Products: Water- and solvent-based fexo and gravure

key Personnel: Jerry Mosley, CEO; Michael Mosley, COO;

number of employees: 217.

operating Facilities: Pine Bluf, AR; Winston-Salem, NC;

Major Products: Conventional ofset, waterless ofset, UV

key Personnel: Joe Bendowski, CEO; John Sammis, presi-

operating Facilities: Headquarters in Hauppauge, NY, a

Comments: The commercial sheetfed market has changed

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