Mumbai, Nov 7, 2006. Manugraph India Ltd, India’s largest manufacturer of web offset printing machines today announced that it Mumbai, Nov 7, 2006. Manugraph India Ltd, India's largest manufacturer of web offset printing machines today announced that it is acquiring Dauphin Graphic Machines Inc (DGM), a leading manufacturer of web offset printing machines based in Pennsylvania, on the eastern seaboard of the United States. Manugraph and DGM together will now become the world's largest single width web offset press manufacturing company. The combined company will continue to maintain manufacturing and assembling operations in three facilities - two in India, and one in the United States. Manugraph will offer a complete product range of single width web offset presses to its considerable markets.

Mr. Sanat Shah, Chairman, Manugraph India Ltd. said, “We are extremely excited about this proposition and upon completion of this acquisition, we will not only be the pioneers in the web offset press business in India, but will also become the largest manufacturers of single width press in the world. We are already offering our services globally and look forward to further expand our business reach”.

Mr. Chris Lunt, CEO, Dauphin Graphic Machines Inc said, “In today's highly competitive global press business, the need to form worldwide alliances is a must. We clearly saw the merits of a common umbrella from day one, as each company's strength perfectly compliments the others.”

Manugraph is acquiring DGM, a profit making company with a current annual turnover of around US$ 70 million (Rs 315 crore), for a cash consideration of US$ 19.2 million (Rs 86.4 crore). Manugraph's annual turnover of Rs.320 crore in financial year 2006 is expected to grow to a consolidated turnover of Rs.750 crore (US$ 167 million) in the financial year 2008 as a result of this acquisition.

“Our goal of becoming global leaders in the manufacture of single width presses is being achieved. We have already invested heavily in state-of-the-art facilities, machining capabilities and engineering resources. With DGM, we now look forward to launch a new range of products globally”, added Mr  Shah.

Avendus Advisors were the sole advisors to Manugraph for this transaction. Manugraph India Ltd., India's largest manufacturer of newspaper web offset printing presses, is a world leader in the 4-page web-offset printing segment. Manugraph manufacturing base is at Kolhapur, an industrial city about 250 miles south of Mumbai. The company has two modern manufacturing plants with a workforce of 1,200 people. On 32 acres of land, its two plants contain some of the latest CNC machining centres, computer aided design, and engineering facilities.

DGM was founded in 1973 and its main manufacturing facility in Elizabethville, Pennsylvania was opened in 1980. Today, with over 200 employees, including 45 field services technicians, DGM has become a global single width web offset force in the newspaper and commercial printing industries. Its modern and efficient manufacturing space houses a complete parts and service organization, as well as state of the art software and design equipment. DGM estimates its U.S. and Canadian market share in single-width single circumference presses to be roughly 60 percent.