Control Print buys 50.49% stake in Codeology Group

New Delhi: Control Print Ltd on Monday announced the acquisition of 50.49 per cent in UK-based Codeology Group Ltd, a provider of print and apply systems, for £1 million (over Rs 10 crore).

The acquisition will help Control Print get a toehold in the UK market, leading to new growth opportunities, the company said in a statement. "This collaboration represents a key step in our plan to diversify our product offerings further. In addition, Codeology has a well-established presence in the UK and will benefit from our products, expertise, and support in their home markets," Control Print Joint Managing Director Shiva Kabra said.

Further, he said, "This partnership will also help us expand to newer markets to provide high-quality products with Codeology's assistance. Together, we are well-positioned to drive growth and deliver value to our customers." Codeology Group Ltd Director Jim Mason said the partnership with Control Print will give Codeology a broader vision and enhance its capabilities in offering products. "Moreover...Control Print's product additions and financial strength combined with our existing market coverage will provide a significantly higher ceiling for Codeology's growth rates.