Chinese firms take over printer giant Lexmark

BEIJING - Chinese tech firm Apex announced it has finished joint takeover of global laser printer giant Lexmark, the largest acquisition in the global printer industry.

Apex Technology Co Ltd, a leading supplier of compatible printer consumables based in Zhuhai in south China's Guangdong Province, purchased a 100-percent stake in Lexmark for $3.9 billion, together with PAG Asia Capital and Legend Capital of China.

"Lexmark is a renowned global laser printer manufacturer and has advanced technology in providing customized services for high-end users. Cooperation between Apex and Lexmark can enlarge our printer business and bring huge business opportunities," said Jackson Wang, chairman of Apex, at a press conference in Beijing on Monday.

After the acquisition, Lexmark's manufacturing and purchasing of raw materials will be partially transferred to China to optimize the industry chain and reduce production costs. More Lexmark products will enter the Chinese market.

David Reeder, president and CEO of Lexmark, said the new investors will provide sufficient capital support for the company's development and more benefits and opportunities for clients.

Lexmark will continue to strengthen its leading market status in European and US markets and actively tap emerging markets, including China, according to Reeder.

"The takeover is the outcome of a strategic review. The laser printer industry has many technical thresholds and latercomers tend to have more patent barriers. Apex gets talent and technology through industry and capital integration, which is very important for Chinese firms in global market competition," said Yan Xiaolang, vice chairman of the China Semiconductor Industry Association.