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Armor expands in India

September 4, 2019

Armor reinforces its position as market leader in Thermal Transfer in India with the acquisition of its competitor, Intercode, based in Delhi.

Armor announced the signature on 1 September 2019 of the purchase agreement to acquire the thermal transfer business of its Indian competitor, Intercode. It is a strategic acquisition for the French manufacturer, with the Indian market enjoying strong growth. Armor estimates to be able to increase market share from 30 percent to 50 percent, consolidating its position as the local market leader.

The Thermal Transfer business of Armor has been posting double digit growth in India, higher than the market average of around 10 percent, the company explained. Armor decided to strengthen its position in the growing sub-continent by acquiring Intercode and its site in Delhi. Armor is accordingly establishing greater proximity with customers in the north of the country while continuing to serve the south from its existing slitting site in Bangalore.

“Intercode is a company very much like us. Fair pricing policy, sense of ethics, customer portfolio and also responsiveness and flexibility – many areas of similarity that will ensure a successful integration.” stated Hubert de Boisredon, CEO of Armor.

Becoming a wholly-owned subsidiary of the French group, the newly acquired company will be progressively integrated within ARMOR. All of the thirty employees will retain their jobs. Services offered to customers will be maintained and improved. And prices will remain the same.

Armor bases its growth on co-industrialization, a concept that consists of maintaining production in France while seeking out growth opportunities abroad in order to stimulate domestic employment. Armor’s Thermal Transfer facilities in La Chevrolière (France) produce semi-finished products which are further processed at industrial slitting units located on all the world’s continents, including Asia (India, China and Singapore).

“The acquisition of Intercode marks a further step in the group’s co-industrialization model, which is the reverse of offshoring. By increasing our market share in Asia, and particularly in India, for thermal transfer ribbons used in the printing of variable information on packaging and barcode labels, we increase production in France of semi-finished product reels. We are building a virtuous circle for the future”, concluded Hubert de Boisredon.

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