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North American Top 20 Report.

The past few years have been challenging for most printing ink
manufacturers, particularly on the publication and commercial side. They
have been forced to contend with the difficult 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, although that could
change quickly. Raw material costs have stabilized for the most part,
although at much higher levels that previously 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 fields,
the news is much better. These markets have proved to be recession
resistant, and continue to grow.

In this year's
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.

The North American Top 20 Rankings

Company        North American Ink   Global Ink Sales          Last Year
               Sales (in millions)  (Parent) (in millions)

1. Sun                    $1,500 *  $3.500 (Sun Chemical) **          1

2. Flint                  $1,000 *  $3,000 (Flint Group)              2

3. INX                        $335  $1,410 (Sakata INX)               3

4. CR/T                     $140 *                                    5

5. Siegwerk                   $277  $1,160 (Siegwerk Group)           4

6. DuPont Ink               $175 *                                    6

7.Wikoti                    $165 *                                    7

8. Hostmann-                $140 *  $1,030 (Huber Group)              8

9. Sanchez SA                 $131                                    9
de CV

10. Toyo Ink                  $112  $1,670 (Toyo Ink)               10

11. EFI, Inc.                $95 *                                   12

12. Fujifilm,                $90 *  $366 (Fujitilm)                  11
GSD North

13. American                   $85                                   13
Inks &

14. Nazdar                   $75 *                                   14

15. Central                    $65                                   15

16. SICPA                    $60 *  $400 * (SICPA Group)             15

16. Superior                   $60                                   15

16.Van Son                   $60 *  $140 * (Royal Dutch Van          15
Ink                                 Son)

19. Color                    $55 *                                   19

19. Ink                        $55                                   19

19. Sensient                   $55                                   19

* Ink World estimate

** Parent company DIC Corporation has global ink sales of S4.52 billion

Companies Listed By Page Number

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
Fujifilm 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
Wikoff Color                  p. 42


35 Waterview Blvd.

Parsippany, NJ 07054

Phone: (973) 404-6000

Fax: (973) 404-6001

Sales: Sun Chemical had annual sales of $3.5 billion in printing
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 offset; publication and packaging gravure; news ink
and publication coldset flexographic packaging inks; corrugated
packaging inks; energy

Capable of being cured or healed.
 inks and coatings; screen inks, label and
narrow web inks, toner, inkjet materials, adhesives for packaging,

tr.v. o·ver·print·ed, o·ver·print·ing, o·ver·prints
To imprint over with something more, especially to print over with another color.

1. A mark or impression made by overprinting.
 varnishes, specialty coatings, effect inks, flexographic
printing plates, digital artwork file management, color software and
brand color management, printed electronics, security inks and coatings,
and organic colorants for inks, plastics, paints, coatings and

Key Personnel: Rudi Lenz, president and

, Sun Chemical and Board

Key Leaders (in alphabetical order): Martin Cellerier, VP,
corporate strategy; Robert Fitzka, group managing director, Europe
Central Region; John Gowiett, VP,
global operations

; Greg Hayes, group
managing director, Europe Northern Region; Gregory Lawson, president,
Sun Chemical
Latin America
 the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies.
; John McKeown, senior VP, chief
administration officer; Felipe Mellado, chief marketing officer 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 officer

; Russell Schwartz,
chief technology officer; Mehran Yazdani, GM
 diffuse intravascular coagulation; disseminated intravascular coagulation.

disseminated intravascular coagulation

 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 commercial 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 don't expect that they will," Mr.
Murray said.

By contrast, Mr. Murray reported that Sun Chemical enjoyed moderate
growth in 2012, led by flexible packaging, and the company is working
with brand owners and major packaging groups to provide solutions for
specialized packaging. He added that Sun Chemical will continue to see
growth in the flexible 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


To meet the needs of their customers, Sun Chemical is investing in
manufacturing, processes and products, despite the challenging economy.

In July, Sun Chemical Performance Pigments acquired Benda-Lutz
Werke GmbH, a leading manufacturer of metallic effect products based in
Austria. The acquisition allows Sun Chemical to purchase 1.00% of the
shares, assets and business from Benda-Lutz and would expand its product
portfolio in metallic effects. With the acquisition, 'Sun Chemical
adds production facilities in Austria, Poland, Russia and the U.S. to
accompany its aluminum pigment manufacturing site in China, forming the
basis of a new global Metallics Business Unit as part of Sun
Chemical's 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 manufacturing plant in Laval, a $3.1 million (CAD)
investment designed to provide stronger customer service, improve
efficiency and reduce costs.

The new facility consolidates four manufacturing plants located 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 annually that serve its
principal domestic customers as well as other locations across

 fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere.
, including Brazil and Argentina.

Sun Chemical received numerous honors this year. In September, Sun
Chemical's UK and Ireland Customer Service Center, based in
Trafford Park, was awarded the 2012 Customer Service Excellence Award by
the British Printing Industries Federation (

). 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 business acumen in the print sector.

Other honors went to Edward Pruitt, Sun Chemical's chief
procurement officer, as the "2012 Man of the Year" by the
New York
 Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 Printing Ink Association. Moe Rahmeh, a technical manager
for Sun Chemical in the Dallas/Fort Worth region, received the 2012
National Association of Print Ink Manufacturers (

) Printing Ink
Pioneer Award, which honors longevity and service in the print industry
committee 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 economies could quickly put products like titanium dioxide,

 nitric acid ester of cellulose (a glucose polymer). It is usually formed by the action of a mixture of nitric and sulfuric acids on purified cotton or wood pulp.
, 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
 or  hard, brittle, translucent resin, obtained as a solid residue from crude turpentine. Usually pale yellow or amber, its color may vary from brownish-black to transparent depending on the nature of the source of the crude
, 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
 third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere.
, 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
v. re·trenched, re·trench·ing, re·trench·es
1. To cut down; reduce.

2. To remove, delete, or omit.

To curtail expenses; economize.
, 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
highest honors in the printing industry, for its SunPak

migration quality) products. Awarded annually by the
Printing Industries
of America

, the InterTech Award recognizes the development of unique and
innovative technologies that are predicted to have a significant impact
on the
graphic arts
 see aquatint; drawing; drypoint; engraving; etching; illustration; linoleum block printing; lithography; mezzotint; niello; pastel; poster; silk-screen printing; silhouette; silverpoint; sketch; stencil; woodcut and wood engraving.
 and related industries.

Sun Chemical's SunPak LMQ products help address the risk brand
owners face in packaging, where compounds from materials in the
packaging structure can migrate into the food product or the surrounding
environment. SunPak LMQ inks exhibit very low odor, off-flavor and
migration levels, and offer 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/Pamone. PantoneLIVE licensees can take advantage
of Sun Chemical's intellectual property in the field of digital
color communication.

In July, Sun Chemical launched the SunUno Solimax multi-purpose ink
system. Suitable for both surface and reverse print applications on a
number of the commonly used flexible packaging substrates, Solimax will
maximize print run efficiency while simplifying overall print
production. It is suitable for both flexo and
gravure printing

. In
September, Sun Chemical launched
Illuminated by the sun.

Adj. 1. sunlit - lighted by sunlight; "the sunlit slopes of the canyon"; "violet valleys and the sunstruck ridges"- Wallace Stegner
 Crystal, an
"all-in-one" universal sheetfed offset process ink set.

SunJet, the inkjet ink division of Sun Chemical, launched its
 1 Patient complains of 2 Polycystic ovaries, see there
 Oil-based HD Black ink for
Seiko Instruments
printheads. The JetStream PCO HD Black has been developed with high
performance pigment and drop spread control technology to meet the needs
for high contrast and high definition printing demanded in applications
such as bar coding, stock identification 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,
suitable for all types of

 printheads. All of the ink components
appear on the European positive lists, Swiss Ordinance and EuPIA, and
the inks do not use materials specifically excluded in the Nestle list,
meaning the inks meet the highest industry standards for food packaging.

In July, Sun Chemical launched Streamline


HPQ High Priority Queue
 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 designed 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 sleeves, tubes
and food and pharmaceutical packaging.

At SuperCorr, Sun Chemical showcased its SunVisto Advantage line of
water-based inks. Specifically developed to be pH stable for corrugated
printers who want a consistent press run without monitoring or adjusting
pH levels, the inks offer consistent color strength, longer press runs
without maintenance and reduced plate washing during a press run. Also
at SuperCorr were SunVisto Hydroking

 water-based inks.

At INFO*FLEX 2012, Sun Chemical highlighted SunSpectro Sunsharp
solvent-based inks. Developed for high-speed, wide web flexo 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 enhanced color strength. Developed for
flexographic printing on polyethylene film, 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 plastic 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
offers a variety of security ink solutions including an in IN red 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 Sun Vetro
range of inks prints bright and strong colors that would be difficult to
achieve with inorganic inks.

During the
 2012 PV Power Expo and the European

 Solar Energy Conference and Exhibition, the Sun Chemical Electronic
Materials division showed how photovoltaic manufacturers can save money
by taking advantage of Sun Chemical's unique one-stop shop
offering, including a broad range of metallization solutions for both
additive and
1. Producing or involving subtraction.

2. Of or being a color produced by light passing through or reflecting off a colorant, such as a filter or pigment, that absorbs certain wavelengths and transmits or
 processes as well as module materials for use
in the crystalline silicon (c-Si), thin film, printed electronics, and
other emerging markets.


North American Headquarters

14909 North Beck Road

Plymouth, MI 48170-7194

Phone: (734) 781-4600

Fax: (734) 781-4699

2012 Global Sales: US$3.0 bi1lion/[euro]2.2 billion. North American
Ink Sales: $1.0 billion (Ink World estimate).

Major Products: Coldset and heatset web otEet, sheetfed offset,
flexographic, gravure and UV/EB inks; coatings for publication,
packaging and commercial applications. A wide range of inks and coating
for narrow web tag and label applications.

 plates and
sleeve systems for flexographic applications; highly engineered printing
blankets and sleeves for offset applications; Full suite of pressroom
chemicals and supplies. Dry, flushed and press cake pigments, chips and
resins for ink and other applications, aqueous dispersions,
hyperdispersants and additives for the
Something, especially a dye, pigment, ink, or paint, that colors or modifies the hue of something else.

Of or being a subtractive primary color.


Key Personnel: Charles Knott, chairman; Antoine Fady, CEO; Michael
J. Bissell, executive VP and

; Doug Aldred, president, Packaging and
Narrow Web; William B. Miller, president, Print Media America/Print
Media Europe; Brent Stephen, president, Asia Pacific; Adheinur Pilar,
president, Latin America; Mario Busshoff, president, Flexographic
Products; Craig Foster, president, Flint Group Pigments; Jan Paul van
der Velde, senior VP, procurement;
Russell Taylor

, seniorVP global HR
and comnumications.

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, that's 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 challenges,
Flint Group persevered." Mr. Miller added. "We gained new
customers, launched new products and forged new ground. Perhaps

, 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 Group's ongoing commitment to safety continued to
pay off," 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 different front, Rodney Balmer, director of global research
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 field. Mr. Balmer has shaped energy
curable science across the globe. He has also led efforts on multiple
patents, has written numerous 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 offerings--inks as well
as other pressroom supplies they provide customers--to the North
American print market, including the commercial and packaging sectors.

The raw material situation remains challenging, as sonic key
ingredients have seen costs stabilize, while others remain volatile.
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 customers 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
n. (used with a sing. verb)
1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation.

 conditions and environmental factors--remember the
hot summer and drought?--affected crop yields, creating tight supply of
many materials. This medley of challenges is the new norm, though, and
Flint Group's global procurement team works with our suppliers and
our colleagues to prepare for the trends and minimize any disruption
these conditions may cause us and our customers."

Moving forward, Flint Group's leaders see opportunities for
further growth across the printing spectrum.

"Flexible packaging and labels will continue to lead industry
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 packaging group. "Flint
Group's Packaging & Narrow Web group launched a number of new
and innovative products that will provide valuable momentum for our
growth in 2012."

"I'm confident 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 offering high-quality
products and expert support to our customers. That more than pays off,
regardless of the economic and industry challenges we face."



150 N.

, Suite 700

Schaumburg, IL 60173

Phone: (630) 382-1800

Fax: (847) 969-9758

Sales: $335 million.

Major Products: A full line of ink and coatings solutions
technology for packaging, commercial and digital print applications,
including metal decorating, tiexographic, gravure, web offset,


, corrugated, sheetfed, digital and UV/EB inks and coatings.


Key Personnel: Kotaro Morita, chairman; Rick Glendenning, president
and CEO; Bryce Kristo, CFO and senior VP, general affairs; John
lirdlick, senior VP COO, operations; Rick Westrom, senior VI? strategic
global sourcing/R&D director; Bob Osmundsen, senior VP, general
counsel; Jonathan Ellaby, VP, inteniational 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 director offset: Jon Graunke,
VP/R&D director--energy curable technologies;
Joe Kelly

, VP/R&D
director--water technologies; 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 offset 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
 city (1990 pop. 14,796), Du Page co., NE Ill.; inc. 1906. Mostly residential, the city produces chemicals.
, IL (traditional technologies)
San Leandro
 , city (1990 pop. 68,223), Alameda co., W Calif., on San Francisco Bay; inc. 1872. Metal, wood, and paper products; chemicals; leather goods; foods and beverages; medical equipment; lighting fixtures; and
, 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, Osakajapan.

Comments: Despite sales gains in 2011, INX International Ink
Company still struggled with margins, as dramatically rising raw
material costs impacted the company's bottom line. As a result, the
company prepared for further challenges in 2012, and the resulting
improvement was significant.

"After a difficult 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 meeting and exceeding our goals. We implemented
some infrastructure changes during the year to control and reduce costs.
It was hard to do but necessary, and we were able to find some relief
with much needed price adjustments within our customer base.

"The improvement we experienced in our company's
performance was the result of much hard work by many people, not due to
the industry improving," Mr. Clendenning added. "In some
market segments, I think it's getting worse. Due to the downturn
from these segments and customers in the marketplace, there is too much
capacity available. That usually leads to bad and aggressive decisions
by some in these markets."

Packaging and digital continue to be INX International Ink's
strongest growth markets.

"Our sales growth came mostly from our packaging
divisions," Mr. Clendenning said. "This includes flexible
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 continued our Evolve marketing strategy. This involves
introducing our traditional customers 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 company's vice
president of
international operations

, who himself was the recipient of
a major industry award from the National Association of Printing Ink
Manufacturers (NAP1M).

"We broke ground on a new manufacturing facility in England
that will be the largest two-piece metal decorating plant outside the
U.S.," Mr. Clendenning noted. "It's 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

"In March 2012 at the NAPIM Convention, Jonathan Ellaby was
honored with a 2012 Printing Ink Pioneer Award for 40 years of dedicated
service to the industry," Mr. Clendenning said. "All of his
colleagues were proud that Jonathan was recognized in this manner. We
look forward to his continued dedication to growing our business

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 specific 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 cautiously optimistic about supply but not so much about price. We
will have to wait and see."

With all of INX's preparations heading into 2012, the company
is on excellent 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 position for a successful year. We have merged
our digital resources into one group in order to gain additional
synergies, and I'm very excited about the great interest our
digital efforts are generating. The opportunities exist, and I'm
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

Sales: $240 million (Ink World estimate).

Major Products: Offset, gravure, inkjet and specialty inks.

Key Personnel: Jim Mercier, executive director of

; Sunil Rao,
technical director, CR/T; Randy Maas, gravure
operations manager


Number of Employees:

Approximately 100 (Ink World estimate).

Operating Facilities: Lomira, WI;
Oklahoma City
 (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm
, OK; Martinsburg,
WV; Greenfield, IA; Hartford, WI; Wyszkow, 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 billion, a
slight decline over sales of $4.76 billion for 2010. The company's

 was $638 million for 2011. That likely will grow, as
Quad/Graphics' share of the market is expanding, as seen by the
recent announcement it has reached a new, $900 million-plus multi-year
agreement with Time Inc. that significantly 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 finalized its acquisition of Vertis, a specialist in
retail advertising inserts, direct marketing and in-store marketing.

With an eye on meeting its printing ink requirements, Quad/Graphics
formed its Chemical Research/Technology (CR/T) division in 1982. CR/T
produces high-quality offset 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

 products, CR/T emphasized adding renewable content. Today, its
EnviroTech line of offset inks has approximately 27%
renewable resource

 content, and all of CR/T's offset inks have at least 20% renewable
resource content.


CUSA Carleton University Students Association
CUSA Certified Utility Safety Administrator  

3535 SW 56th St.

Des Moines
 , city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc.
, IA 5032

Phone: (515) 471-2100 or (800) 728-8200

Fax: (515) 471-2202

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 flexible packaging, label, sheetfed, tobacco, liquid food packaging
and paper and board industries using flexo,
 see printing.
 and offset

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,

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 20-11 in all
key metrics," said Dave Hiserodt, head of Flexible Packaging BU
CUSA. "While there was still some movement 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 finished in 2013.
This center will house a pilot press to be utilized for R&D
projects, customer qualifications, as well as customer and supplier
joint development projects.

"This proactive approach will allow customers to save time and
money during qualifications 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
investments have begun in shaping Siegwerk CUSA's future.


"Environmental Inks has begun its construction of a new UV
manufacturing facility, which will include a cell for low migration ink
manufacturing." Mr. Hiserodt noted. "This will provide a
significant capacity expansion in Environmental Inks' UV
manufacturing capabilities for North America. This new facility will be
built utilizing tools from Siegwerk's excellence initiative Xceed
for lean accurate and predictable processes."

Technically, Siegwerk has continued its focus on constantly
improving, its commercial offering for high speed flexo inks with
measurable successes. Also, Siegwerk's commitment to the industry
is exemplified through the expansion of its Global Innovation Network
(GIN) into the region.

GIN allows for a global exchange of knowledge while continually
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 efforts in the flexible
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, specifically low migration
technology, for the labels market to be a large growth area for moving
into the coining 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

Mr. Hiserodt noted that with the raw material markets stabilizing,
for the most part in CUSA, the printing and ink industries 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 customer 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 provided to its
customers," Mr. Hiserodt concluded.


Barley Mill Plaza, P30/2367

P.O. Box 80030

Wilmington, D.E 19880-0030

Phone: (877) 234-1794; (302) 992-4264

Fax: (302) 892-5609;

Sales: $175 million (Ink World estimate).

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 E Feehery, global business director, DuPont
Photovoltaic Solutions; Homer Antoniadis, global technology director,

 , family notable in U.S. industrial history. The Du Pont family's importance began when Eleuthère Irénée Du Pont established a gunpowder mill on the
 Photovoltaic Solutions; Peter Brenner, global. marketing manager,
Photovoltaics for DuPont

 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 MCM's headquarters are
Research Triangle Park
 research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ.
, NC.

Comments: With nearly $38 billion in sales in 2011, DuPont is a
science company that develops a wide range of solutions for countless
markets, including inkjet inks and conductive inks and pastes for
printed electronics.

In the digital ink market, DuPont is a leading supplier of

for desktop printers, and offers 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. DuPont's inks
are being used for roll-to-roll screen printing, fiexo, gravure,
pad printing

, inkjet and other processing techniques. In
July 2011, DuPont acquired Innovalight. Inc., a Sunnyvale, CA-based
specialist in advanced silicon inks and process technologies that
increase the efficiency of crystalline silicon solar cells.

DuPont Microcircuit Materials (MCM), a segment of DuPont
Electronics & Communications, has been in the forefront in the

conductive ink

 field, developing functional inks and metallization
pastes for photovoltaics (PV), organic light emitting diodes (



1. Of or relating to biomedicine.

2. Of, relating to, or involving biological, medical, and physical sciences.
 sensors, flexible displays,

 (EL) lighting,
membrane touch switches, printed batteries,

 antennae and other
printed electronic applications.

In December, DuPont MCM launched a new series of screen printed
conductive ink materials for the printed electronics market, designed to
offset the rising cost of silver. DuPont PE8XX series conductive inks
can provide low

 with 20% or more potential cost savings or

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
  [Gr.,=strange], gaseous chemical element; symbol Xe; at. no. 54; at. wt. 131.29; m.p. −111.9&degC;; b.p. −107.1&degC;; density 5.86 grams per liter at STP; valence usually 0.
 Sinteron tools. Materials
in the PE8XX series are suitable for use in printed electronics
applications such as membrane switches, RFID, electroluminescent
lighting and other emerging applications including flexible 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 material used
to raise the efficiency of thin film n photovoltaic cells.

In February, The
Carlyle Group

. L.P. completed its acquisition 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.


1886 Merritt Road

Fort Mill, SC 29715

Phone: (803) 548-2210

Fax: (803) 548-5728

Sales: $165 million (Ink World estimate).

Major Products: Sheetfed and web offset inks, solvent-based and
water-based flexo and gravure inks, energy-curable inks and coatings,
security inks, UV inkjet inks, overprint varnish and aqueous coatings.

Key Personnel:
Geoff 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 finance and administration..

Number of Employees: 490.

Operating Facilities: 29 manufacturing plants in the U.S. and
Canada. Headquarters and primary research and development facilities are
located in Fort Mill, SC.


Comments: Wikoff 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 Wikoff," Geoff Peters,
Wikoff Color's president and CEO, said. "We experienced
significant 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 efficiency."

"Wikoff saw good growth in most of GUT strategic target
markets in 2012," Daryl Collins, vice president of sales and
marketing, added. "Sales in folding carton, flexible packaging,
label and security inks were strong. Additionally, we continued to see
good growth in our international markets and across our complete line of
inkjet inks."

Part of that growth came from two new facilities, as Wikoff Color
added operations in California and in the UK, developed new ink lines
and added new manufacturing capabilities.

"In 2012, Wikoff opened new facilities in both Sacramento, CA,
and Leeds, England," Mr. Peters said. "Both of these
facilities exceeded their 2012 sales targets and were profitable in
their first year of operation.

"Other highlights included running Wikoff inks on new EB
n. pl. lith·os
A lithograph.


pl -thos

Adjective, adv

short for lithography, lithograph,
 press technology for flexible packaging at drupa, completing our

 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 ofTAGA for 2013."

In addition, Wikoff continued to excel in new product development
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 ofinterest.

"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 introduced at
drupa, some of which appeared to be very promising. The digital market
also continued to experience nice growth."

Ben Price, Wikoff Color's director of purchasing, reported
that raw material prices finally stabilized during the past year.

"In general, raw material costs stabilized in 2012," Mr.
Price said. "Throughout 2010 and 2011, Wikoff Color's raw
material costs increased drastically, and the supply chain was strained.
There were shortages of titanium dioxide, nitrocellulose and

 violet, to name a few. Rosin resin prices were another significant
concern during this time. In late 2011, prices for most of our raw
materials peaked, and we had
price stabilization

See peg, PROBLEM">[removed].
 with a few modest price
decreases throughout 2012. After two years of significant increases,
titanium dioxide prices finally changed course in mid-2012 and improved
slightly but still remain significantly higher than historic levels.
Supply is not a concern for the majority of our raw materials at this

All in all, Mr. Peters is optimistic that Wikoff Color is on track
for further growth in 2013.

"Wikoff 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 markets Co remain strong with the
possible exception of the commercial market, which will continue to see
a modest decline in its printing volumes. Wikoff also, expects to see
solid growth in our inkjet business, if we can successfully continue to
drive efficiencies in our
manufacturing operations

, coupled with the
expected sales growth, we should see continued improvement in our net


Hostmann-Steinberg Limited

12 Shaftsbury Lane

Brampton, Ontario
) is a city in the GTA of Ontario, Canada and the seat of Peel Region. As of the 2006 census, Brampton's population stood at 433,806.

Canada L6T 3X7

Phone: (905) 793-9970

Fax: (905) 793-5368


2850 Festival Dr.

Kankakee, IL 60901

Phone: (815) 929-9293

Fax: (815) 929-0412

Sales: $140 million (Ink World estimate).

Major Products: Heatset, sheetfed, coldset, UV and EB, forms and
fiexo inks; aqueous and UV coatings.

Key Personnel: Martin Weber, group managing director Americas. For
Canada: Vivy DaCosta, VP, Canada;
Mark Wilson

, r sales director, Canada;
Dr. Thomas Griebel, technical director, I Canada. For USA: Debu

, USA;
Steve Martin

, director of sales/marketing, USA,
Venkat Subrahrnanian, director finance; 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 CO 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 British Retail Consortium
BRC Business Resource Center
BRC Bisexual Resource Center
BRC Black Radical Congress
), including !NKREDIBLE Reflecta, !NKREDIBLE Hard Dry
Resista, !NKREDIBLE Perfexion and Envira inks.


Oriente 171 # 367

Mexico City

, Mexico

Phone: +52 55 5118 1000


Sales: $131.2 million (inks); $172.6 million overall.

Major Products: Offset, flexo, gravure and screen inks, overprint
varnishes, offset plates, pressroom chemicals and offset presses.

Key Personnel: Ernesto J. Sanchez, managing director; Jose Sanchez,
commercial director; Jesus Mckelligan, operations director; Alvaro
Toledo, administrative 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 Largest ink manufacturer in
Mexico and
Central America
 narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific.
, 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 presidential election in July
1, and a last quarter in which we noticed a
 /de·cel·er·a·tion/ () decrease in rate or speed.

early deceleration
 in our
economy," said Ernesto J. Sanchez, Sanchez SA de CV's managing

"We find 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 activity mainly in the packaging area, and
are confident that the trend will continue."

To meet the demands of the growing printing industry in Latin
America, Sanchez SA de CV its continuing its extensive modernization

"In September, we closed our offset ink manufacturing site in
Toluca and transferred the production to our Mexico City facility, and
we are about to move our liquid inks manufacturing activity to our new
plant in Tepeji
del Rio
 , city (1990 pop. 30,705), seat of Val Verde co., W Tex., on the Rio Grande opposite Ciudad Acuña, Mexico; founded 1868, inc. 1911.
, north of Mexico City," Mr. Sanchez said.
"Once we finish all these changes, we will find ourselves with two
manufacturing sites, one specializing 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
 , officially Republic of El Salvador, republic (2005 est. pop. 6,705,000), 8,260 sq mi (21,393 sq km), Central America.
Centroamerica), Guatamala (Tintas Sanchez Guatemala SA) and Costa Rica,
which are keying the company's growth throughout the region.

"In the rest of the region we are seeing good results, with
our Colombian subsidiary starting to show good levels of activity, and
with very interesting projects in Ecuador," Mr. Sanchez said.



1225 N. Michael Drive

Wood Dale, IL 60191

Tel: (866) 969-8696

Fax: (630) 628-1769

Sales: $112 million.

Major Products: Sheetfed and web offset inks; UV and EB inks;
conventional and UV waterless offset; solvent- and water-based gravure
inks; solvent- and water-based flexo inks; digital inks; toner; inkjet
inks; pressure sensitive adhesives and special function coatings; and
plastic colorants.

Key Personnel: Toyo Ink America, LLC: Hideki (Jeff) 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,

; Kevin
Garland, pigment sales. LioChem: Naoto (Nick) Su miya, 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 products, including the
commercial sheetfed market.

"Toyo Ink America had a better year in 201 2 than 2011,"
John Copeland, president and COO of Toyo Ink America, LLC, said.
"Sales in several areas did very well, including UV inks.
flexo-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
tiexographic inks," Mr. Copeland added. "Although the
commercial sheetfed business segment in our industry continues to lose
some ground, Toyo's
A print produced by lithography.

tr.v. lith·o·graphed, lith·o·graph·ing, lith·o·graphs
To produce by lithography.
 ink sales were up in 201.2."

In order to streamline Toyo Ink America's operations, the
company implemented several major changes in its organization.

"In 2013 Toyo Ink America, LLC, welcomes the company's
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 locus
on our core technologies in the market place."

While the commercial printing business seems to be softening. 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 business 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
don't 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 department's
internal communications

 and have recently
improved commimications 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."



303 Velocity Way

Foster City, CA 94404

Phone: (650) 357-3500

Fax: (650) 357-3907

Sales: $652M for EFI at the corporate level; Ink World estimates
$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, signage, POP, etc.), wide
format UV, label, packaging, direct mail and commercial printing
markets. EFI offers 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,

 worldwide sales and marketing;
Scott Schinlever, SVP/GM, EFI's Inkjet Solutions.

Number of Employees: Approximately 1,900.

Operating Facilities: 23 worldwide offices.

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 first time, the company shipped more than a.
million liters of ink in less than I 2 months. This represents a
significant amount of the total market for ink in the industries we

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
platform 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 developer 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
specifically 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 increasing 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
first 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

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."


850 Central Ave.

Hanover Park, IL 60133

Phone: (630) 259-7200

Fax: (630) 259-7078

U.S. Sales: $90 million (Ink World estimate)

Major Products: Offset printing plates; offset, screen, flexo and
inkjet inks; digital print and wide format print equipment including the
FUJIFILM Inkjet J Press 720, Inca Onset and Acuity UV flatbed printers;
workflow, color management and proofing solutions; pressroom supplies;
technical services and consul
A single light metallic sound, as of a small bell.

intr.v. tinged , ting·ing, tings
To give forth a light metallic sound.

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 commercial graphics.

Number of Employees: 600.

Operating Facilities: 19.

Comments: Digital printing continues to make major inroads into
traditional printing segments, and companies that are offering their
customers full service from equipment through ink and consumables and
even workflow solutions can have an advantage over their competitors.
FUJIFILM North America, Graphics Systems Division offers 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 market in 2012,
Fujifilm strengthened its market-leading position in the area of
commercial offset printing plates, inkjet equipment and inks for a broad
range of print technologies," said Todd Zimmerman, vice president
and general manager for FUJIFILM North America Corporation, Graphic
Systems Division. "Market share growth and penetration of new
markets enabled Fujifilm to achieve solid results in 2012."

In an effort 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 flatbed printers, featuring exceptional quality,
improved productivity and greater versatility, allowing them to be used
for a much wider range of applications. The company's 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.

"Fujifilm 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 first half-size,
sheetfed inkjet press capable of producing offset 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 differentiating factors in the
production of wide format and digital print," Mr. Zimmerman said.
"Fujifilm launched next generation Uvijet UV inks for wide format,
offering market leading performance in terms
of color

 vibrancy, image
quality, adhesion flexibility and finishing capability performance. The
company also introduced VIVIDIA inks for its J Press inkjet presses and
water-based flexo inks for paper and film substrates.

"Fujifilm's water-based flexo inks are a revolutionary
new solution for flexo-graphic printing, providing printers with
consistent high quality results while reducing labor and variability
factors inherent with current water-based flexo 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 major growth in wide format
display graphic inkjet inks as the market shifts from traditional offset
and screen printing to digital inkjet printing," Mr. Zimmerman
said. "Fujifilm 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, commercial print demand has softened, so wide format
offers significant opportunity for commercial printers to diversify and
grow their businesses," Mr. Zimmerman added. "Offering more
services helps printers foster current customer relationships and add
value for print buyer customers."

Fujifilm 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 packaging applications. Fujifilm has a
broad portfolio of flexo 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.) Press F (provisional name) inkjet solutions for
the packaging market.

There have been several improvements and innovations in printing
equipment and inks at Fujifilm in the past year. Equipment innovations
include the award-winning J Press 720 and the recently introduced J
Press 540 W (provisional 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 rationalization in certain raw material supplies, and
this has created supply challenges.

"That said, Fujifilm has strong global
purchasing power

multiple manufacturing facilities that enable it to maximize production
efficiencies and control costs," he noted. "The company also
recently opened a new ink manufacturing facility in Broadstairs, UK.
This state-of-the-art facility is designed to optimize production
efficiencies and effectively manage worldwide production and supply
chain costs. In addition, investments were made in the
Kansas City
 two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850).
, MO
manufacturing facility to expand production capabilities and effectively

 , contagious skin disease of domestic and wild animals. The several types of mange, including follicular and sarcoptic mange, are caused by various minute parasitic mites that burrow into skin, hair follicles, or sweat glands.
 production costs."

Mr. Zimmerman said that Fujifilm views 2013 as a pivotal year in
the industry, 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 continue delivering best-in-class products and
services that enable customers to be highly efficient and productive and
help them meet the demands of print buyers.

"Fujifilm also expects consolidation in the industry, and a
broader adoption of multiple print technologies within each shop,"
he added. "Cross media campaign marketing will become more common
and printers will need to adapt to a more digitally driven and mobile

"The company anticipates more focus on sustainability
shrinking carbon and water footprints, using natural resources and
packaging materials more efficiently and minimizing waste to become more
efficient," Mr. Zimmerman added. "In fact, Fujilfilm is a Gold
Sponsor of the Sustainable Green Printing Partnership, 1 non-profit
organization providing sustainability certification 111 the graphic

communications industry
 broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications.

"It is an exciting time in print with all the changes in the
industry." Mr. Zimmerman concluded." Fujifilm 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."


3400 N. Hutchinson St.

Pine Bluff
 city (1990 pop. 57,140), seat of Jefferson co., S central Ark., on the Arkansas River; inc. 1839. It is a port and trade center for an agricultural area and has industries producing metal, wood, and paper products; machinery; electrical equipment; and
, AR 71602

Phone: (870) 247-2080

Fax: (H7D) 247-5317

Sales: $85 million in ink and coatings

Major Products: Water- and solvent-based flexo and gravure
packaging inks and coatings: UV and EB coatings.

Key Personnel: Jerry Moslcy, CEO; Michael Mosley, COO;
Scott Clark

VP and general manager.

Number of Employees: 217.

Operating Facilities; Pine Bluff, 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 packaging ink
specialists are seeing growth. For American Inks & Coatings (AIC),
the sixth-largest U.S. packaging ink manufacturer, 2012 saw strong
growth, as the company combined sales gains from its customer base as
well as from its 2011 acquisition of Graphic Sciences.

AIC's key markets include flexible packaging, folding carton,
multi-wall bags and gift wrap ink markets, and the addition at 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 St Coatings, noted that
packaging is AIC's key market, and added that the company expects
to see "continued growth in the markets we serve."


8501 Hedge Lane Terrace

Shawnee, KS 66227-3290

Phone: (913) 422-1883

Fax: (913) 422-2296

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-ftased.

Key Personnel: J. Jeffery 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
first major segment that saw the potential for digital printing. Leading
screen ink manufacturers saw the opportunities as well, and became
leaders in the growing inkjet ink field.

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 specialty inks serving inkjet, narrow web
and screen printing markets; 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 printing
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 Lousiness. We are also expanding our product
offerings 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 inkjet, 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 minimize 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.


1100 N. Harvester Road

West Chicago, IL 60185

Phone: (630) 231-6500

Fax: (630) 231-6520

Sales: $65 million.

Major Products: Web offset heatset, coldset, sheetfed, fiexo and
UV/EB inks.
 Circulating immune complexes. See Immune complexes.
 is also one of the largest blanket converters in the

Key Personnel: Richard Breen, CEO; Gregg Dahleen, president; Doug
Anderson, VP of product development; Mary Dickey, VP of finance; John
Pieranunzi, VP of sales and marketing; Victor Dahleen, VP of strategic

Number of Employees: 117.

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 difficult 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 Ink's vice president of product development.
"However, the bottom line remained stagnant. The newspaper business
stabilized in 2012, but heatset sales are being impacted by continuing
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

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


 sale n
. Prior to
joining Central Ink, John has worked for INX, Sun Chemical and Graphic

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."


SICPA Product Security LLC

8000 Research Way

Springfield, VA 22153

Phone: (703) 455-8050

Fax: (703) 450-4518


North American Sales: $60 million (Ink World estimate).

Major Products: Proprietary security inks for
 , design cut into stone or other material or etched or engraved in a metal plate, producing a concave, instead of a convex, effect. It is the reverse of a relief or cameo.
, offset,
screen, flexo, gravure and inkjet security printing applications.
Providers of integrated and customized security and compliance 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: Springfield, 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 documents,
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 segments. SICPA also
offers expertise in developing integrated systems for authentication and
a secure supply chain. With estimated global sales of $41.00 million
during 2012, SICPA S.A. continues to provide security inks for the
Something old, especially a song that was once popular.


Informal an old song, film, or person

Noun 1.
 world's currencies.

SICPA Securink Corporation dominates the security ink business in
North America, with its inks appearing on currency and security
documents as well as packaging of value. For example, SICPA's
Optically Variable Ink


OVI Operating a Vehicle while Intoxicated
) for U.S. currency has played
an important role in reducing counterfeiting.

To keep ahead of counterfeiters, SICPA's R&D experts have
developed numerous innovative inks in conjunction with its high-tech
suppliers, and offers excellent technical support for its products.


100 North St.

Teterboro, NJ 07608-1202

Phone: (201) 478-5600

Fax: (201) 478-5650

Sales: $60 million.

Major Products: Lithographic inks varnishes and coatings for
conventional, waterless and UV applications: flexographic inks for
water-based and UV applications; inkjet inks; gravure inks.

Key Personnel: Jeffrey I. Simons, chairman, CEO and president; Stan
Hinman, executive VP; Harold Rubin, chief financial officer; James La
chief operating officer

; Peter Nunez, VP finance &

Number of Employees: 250.

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)

Comments: Superior Printing Ink had a solid year in 2012, as the
company looked to expand its portfolio, adding to its UV offset,
water-based flexo and inkjet offerings as well as to its in-plant

"Our initiatives for new and existing business development
progressed," said James La Rocca, chief operating officer for
Superior Printing Ink. "The dedication of my co-workers and our
customers contributed to making 2012 a positive year."

Mr. La Rocca noted that Superior Printing Ink continues to improve
its productivity and customer service response, including commissioning
its new automatic cartridge filling operations. The new system, which
the company added in August, fills a 4.4 lb. plastic R1 cartridge in six
seconds. It also accommodates 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

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 dexo inks targeted to the narrow web and label

Mr. La Rocca noted that the raw material situation has stabilized
for the time being.

"Raw material cost and availability have stabilized when
compared Co 2011," he said. "We deal with it by maintaining
our 95-year history of being a good partner with oar vendors."

Overall, Mr. La Rocca is optimistic about 2013.

"As our momentum continues to build with our newer product
offerings, we expect an improved growth curve when compared to last
year," Mr. La Rocca concluded.


888 Veterans Highway, Suite 440

Hauppauge, NY 11788

Phone: (631) 715-7000

Fax: (631) 715-7026

Sales: $60 million.

Major Products: Conventional offset, waterless offset. UV curable,
heatset web, duplicator and wide format inkjet inks.

Key Personnel: Joe Bendowski, CEO; John Sammis, president; John
Bendowski, vice president; Ed Friesendorf, national lab and product

Number of Employees: 10O.

Operating Facilities: Headquarters in Hauppauge, NY, a central
distribution and mixing center in Chicago and blending facilities in
Miami. FL, and Los Angeles, CA.

Comments: The commercial sheetfed market has changed over the past
decade, with smaller offset printers declining in number. For Van Son
Holland Ink, the North American subsidiary 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 commercial
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 decline of our original small
offset market. Also adding to increased 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 significant 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

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 significant impact on the growth of our custom mixed

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, smaller run
lengths, consolidations and digital technologies. Those that have
embraced the digital revolution have been able to marry traditional
offset with digital to product the most desirable 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 somewhat during
the past year, Mr. Bendowski said these remain a concern for ink

"There has been sonic temporary stabilization within the raw
materials side of our business in both pricing and availability,"
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

"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


575 Quality Blvd.

Fairfield, OH 45014

Phone: (800) 346-7141; (513) 552-7200

Fax: (513) 552-7141

Sales: $55 million (Ink World estimate).

Major Products: Flexo, gravure, UV/EB inks, graphic arts coatings,
metallic inks, screen inks, security inks and specialty inks.


Key Personnel: George Sickinger, chairman, CEO and president; kick
Gray, VP finance/CFO; John Edelbrock, VP of operations; Paul Fulton., VP
of strategic accounts; Joe Schlinkert, director of technology; Hixon
Boyd, V1 national accounts; Dave Barker, VP, specialty sales.

Number of employees: 127.

Operating Facilities: Manufacturing plant in Fairfield, OH, and 16
blending sites.

Comments: Color Resolutions International (

) 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 minuses
this past year," said George Sickinger, CRI's president and
CEO. "Overall, 2012 was not as good as 2011, but we find our
pipeline of prospects increasing."

Mr. Sickinger noted that 2012 was a big year for the industry 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 flexible 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--fine graphics, mid-level graphics
and supply chain graphics as well as highlighted new
retail ready

. Leads from these shows are turning into sales for 2013."

CRI continues to put much emphasis on building up its operations in

"Color Resolutions de Mexico moved its Mexico headquarters 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
CRT's U.S. facilities."

A water-based and UV packaging ink specialist, CRI has built up its
presence in flexible packaging to add to its core strength in the
corrugated market.

"We continue to see growth in the corrugated industry and in
flexible 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 facility 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 significantly,"
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 TiO2 has leveled off for now, both domestically and
overseas. We now have stable pricing 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 pricing, which in
return affects key raw materials needed for production, which include

 /pro·pyl·ene/ () a gaseous hydrocarbon, CH3CHdbondCH2.

propylene glycol  a colorless viscous liquid used as a humectant and solvent in pharmaceutical preparations.
, benzene, solvents,

A colorless oily liquid from which polystyrenes, plastics, and synthetic rubber are produced. Also called vinylbenzene.
 and monomers such as glacial

acrylic acid
 /acryl·ic ac·id/ a readily polymerizing liquid used as a monomer for acrylic polymers.
, ethyl acrylate,
 /bu·tyl/ () a hydrocarbon radical, C4H9.

A hydrocarbon radical, C4H9.


a hydrocarbon radical, C4H9.

, 2-ethylheryl acrylate and

methyl methacrylate

(meth´il methak´rilāt),
n an acrylic resin, CH2 = C(CH3)COOCH3, derived from methyl acrylic acid. Monomer is the single molecule and polymer is the polymerization product.
. The first increase has already hit and a second is
out there for discussion, but has not formally been announced. We are
continuing to work closely with our vendors to ensure supply and
negotiate pricing as well as reviewing new products."

Mr. Sickinger anticipates that while the economy will continue 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 customers in
reducing their ink inventory. They now have the ability to mike 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."


2311 South Eastern Ave.

Commerce, CA 90040

Phone: (323) 720-4000

Fax: (323) 721-6000

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.

Number of Employees: 250.

Operating Facilities: Commerce, CA; technical service centers in
Portland, Oft; 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 priniers. This is perfect for
Ink Systems, Inc., a Commerce, CA-based specialist in sheetfed, heatset
and UV ink, which has made its name by providing high-tech in-plant

Led by Urban Hirsch III, Ink Systems prides itself on providing
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.

"We're 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."


2724 Loker Avenue West

Carlsbad, CA 92010

Phone: (760) 930-1600

Fax: (760) 930-1603


Sales: $55 million in inkjet inks; $1.5 billion (overall)

Key Personnel: Kenneth Manning, chairman and

0; John Collopy, VP
and treasurer; Christopher Daniels, VP human resources; John Hammond,


SVP Senior Vice President
SVP Schweizerische Volkspartei
SVP Society of Vertebrate Paleontology
SVP Social Venture Partners
SVP St Vincent de Paul
, 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 inkjet 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 world's leading supplier of
flavors, fragrances and colors used to make a diverse variety of foods
and beverages, pharmaceuticals, cosmetics, home and personal care
products, specialty printing and imaging 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

The distribution of a new security issue to institutional clients.
, or $55 million.

"We achieved record revenues and earnings for a third
consecutive year despite a very challenging environment," said
Kenneth Manning, chairman and CEO of Sensient Technologies. "We
increased our dividend, repurchased shares and continued to reinvest in
our business during 2012. We continue to see growth opportunities and I
am very optimistic about the company's Future."

In the digital inkjet market, Sensient's Formulabs and
SensiJet desktop inkjet ink sales remain strong, as the company supplies
inks to the leading OEM desktop printers. The company also offers inks
for wide format and textile markets, including its ElvaJet pigmented
inks for polyester.

Sales and profits for inkjet inks in the Americas increased by more
than 10% compared to 2011, with increased focus and market alignment and
penetration within textiles, packaging and security digital inks. Scott
Jacobson, general manager, Digital Ink Jet Inks, Americas, added there
is increased transformation 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 officer, as well as to Sensient's
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 Manning's leadership, the Color
Group achieved record operating profits during the time he served as

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
flavor facilities. In early 2012, the company announced the opening of
its new complex in Jundiai, Sao Paulo, Brazil. In October, Sensient
announced that it plans to make a significant investment to build a new
color and flavor complex in Johannesburg, South Africa.

David Savastano

Ink World Editor

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