Published on 03/09/2019

ARMOR to acquire the thermal transfer business of its Indian competitor, Intercode

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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).
A strategic takeover
Global market leader in the design and production of thermal transfer ribbons dedicated to the printing of variable date, ARMOR decided to strengthen its position in the growing sub-continent by acquiring Intercode and its site in Delhi. It is a strategic takeover for the group, indeed the Thermal Transfer business of ARMOR has been posting double digit growth in India, higher than the market average of around 10%. 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. The acquisition consolidates ARMOR's position as local market leader, estimating to be able to increase market share from 30% to 50%.
"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", states Hubert de Boisredon, CEO of ARMOR.
Seamless integration
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. « 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. » concludes Hubert de Boisredon.