City National Bank Phone Number Martinsburg Wv

The North American top 20 rankings.

1 SUN CHEMICAL CORPORATION

35 Waterview Blvd.

Parsippany, NJ 07054

Phone: (973) 404-6000

Fax: (973) 404 -6001

www.sunchemical.com

SunChemical [R]

[ILLUSTRATION OMITTED]

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 shectfed offset; publication and packaging gravure; news ink
and publication coldset; flexographic packaging inks;
corrugated
  
v. cor·ru·gat·ed, cor·ru·gat·ing, cor·ru·gates

v.tr.
To shape into folds or parallel and alternating ridges and grooves.

v.intr.
 packaging inks; energy
curable

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

overprint
  
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.

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

Key Personnel: Rudi Lenz, president and
CEO

, Sun Chemical and Board
member

Key Leaders (in alphabetical order): Martin Ccllerier, VP.
corporate strategy; Eric Finkelman, VP. general counsel and secretary;
Robert Fitzka, group managing director. Central Region; John GowIett. VP

global operations

; Greg Hayes, group managing director. 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. Sun Chemical
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.
; Carlo Musso, group managing director. Southern Region; Myron
Petruch, president, Performance Pigments; Edward Pruitx,
chief
procurement officer

; Russell Schwartz, chief technology officer.

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

1. Sun Chemical                 $1,500*  $3,500 (Sun Chemical)**

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

3.INX                              $335  $1,280

International                            (Sakata INX)

4. Siegwerk                        $260  $1,160
                                         (Siegwerk Group)

5. CR/T                           $235*

6. DuPont Ink Jet                $ 160*

7.Wikoff Color                    $155*

8.                                $150*  $995 (Huber  Group)
Hostmann-Steinberg

9. Sanchez SA de                   $142
CV

10. Toyo Ink                       $102  $1,580 (Toyo Ink)
America

11. Fujifilm                       $90*  $350 (Fujifilm
Sericol                                  Sericol  Intl)

12. EFI, Inc.                      $85*

13. American Inks &                 $72
Coatings

14. Nazdar                         $70*

15. Central Ink                     $60

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

15. Van Son                        $60*  $145 (Royal
                                         Dutch Van Son)

15. Superior Ink                    $60

19. Ink Systems                     $55

19. Color                          $55*
Resolutions

19. Sensient                        $55
Technologies

Company                      Last Year

1. Sun Chemical                1

2. Flint Group                 2

3.INX
International                  3

4. Siegwerk                    4

5. CR/T                        5

6. DuPont Ink Jet              6

7.Wikoff Color                 7

8.
Hostmann-Steinberg             8

9. Sanchez SA de               9
CV

10. Toyo Ink                   10
America

11. Fujifilm                   11
Sericol

12. EFI, Inc.                  12

13. American Inks &            13
Coatings

14. Nazdar                     14

15. Central Ink                16

15. SICPA Securink             17

15. Van Son                    14

15. Superior Ink               17

19. Ink Systems                19

19. Color                      20
Resolutions

19. Sensient                    -
Technologies

* Ink World estimate

** Parent company DIC Corporation has global ink sales of $4.88 billion

Companies Listed By Page Number

American Inks & Coatings         p. 52  Nazdar                 p. 52
Central Ink                      p. 54  Sanchez SA de CV       p. 47
Chemical Research/Technology     p. 44  Sensient               p. 59
Color Resolutions                p. 57  SICPA                  p. 54
DuPont                           p. 44  Siegwerk               p. 42
EFI, Inc.                        p. 51  Sun Chemical           p. 34
Flint Group                      p. 38  Superior Printing Ink  p. 56
Fujifilm Sericol                 p. 50  Toyo Ink               p. 48
Hostmann-Steinberg               p. 46  Van Son                p. 56
Ink Systems                      p. 58  Wikoff Color           p. 45
INX International                p. 40

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: The printing industry witnessed many of the same trends
in 2011 as in previous years: the publication and commercial side
suffered declines, while packaging and digital enjoyed growth. For Sun
Chemical, 2011 saw similar growth and declines in these markets.

“Overall Sun Chemical had a comparable year to 2010 in that it
continued to recover volume in all sectors,” said Charles Murray,
president, North American Inks, Sun Chemical. “However, many of the
same challenges that Sun Chemical and our industry in general faced in
2010 continued to
persist in

 2011 and early 2012″

Mr. Murray noted that the publication and commercial sheetfed
markets have struggled in recent years.

“The commercial sheetfed market continues to struggle as
companies cut back on their
marketing collateral

 and other printing
needs,” Mr. Murray said. “The publication printing market,
including newspapers worldwide, struggled considerably in 2011. In both
of these cases, the movement to Internet and other electronic
alternatives as well as consolidation have been the key drivers for the
continued downcurn. The market 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 that Sun Chemical has seen moderate growth in the
packaging market, and he expects to see similar growth in 2012.

“Sun Chemical will continue to see growth in the flexible
packaging segment, specifically value-added packaging, as the trend in
the market continues to move towards functional and sensory
packaging.” Mr. Murray noted. “The packaging market faces
different challenges than other market segments, such as migration in
Europe, and the push toward smaller package size, recyclability and
other efforts to reduce the impact of packaging on the environment, but
these challenges are great opportunities for growth at Sun Chemical. We
Ye working with brand owners and major packaging groups to provide them
with solutions for specialized packaging of the future.

“Source reduction, a smaller number of packaging layers, along
with a decrease in packaging size, continue to be ways consumer packaged
goods companies are looking for support in their sustainability
efforts,” Mr. Murray added. “Additionally, biodegradable and
recyclable flexible packaging materials are currently being favored by
some retailers and brand owners. Sun Chemical anticipates further growth
opportunities from these key areas as companies position themselves as
being ‘green.’ Additional growth will come from the narrow
web, tag, and label printing segment as well as the
folding carton

 segment.

“Our customers are relying on Sun Chemical to maintain an
intense focus on value and cost, and we’re doing this by making
significant investments in manufacturing capabilities and products,
despite the difficult economic times,” Mr. Murray said. “We
see these updates to our manufacturing capabilities as an investment in
our customers. It is another way to live up to our goals and promise as
a company to provide our customers with quality, service and innovation.
We will continue to raise our focus on the customer by helping them grow
their businesses and succeed. That means working for our customers
everyday as a partner.”

Felipe Mellado, Sun Chemical’s chief marketing officer, said
Sun Chemical had a number of notable highlights during the past year.

“In today’s challenging economy, our customers need a
partner who can help them find ways to reduce costs; a partner that
understands the challenges they are facing and provides solutions,
“Mr.Mellado said. “This is what we are striving to accomplish
at Sun Chemical, and the past year is replete with examples of how Sun
Chemical is partnering with customers.”

For the seventh consecutive year, the Brazilian Association of

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.
 (ABIGRAF) named Sun Chemical the “Best Printing Ink
Supplier” in Brazil at the Fernando Pini Awards ceremony

In February 2012, Sun Chemical released its 2011 sustainability
report, which expands on its established data-driven metrics by
showcasing how the company’s leadership in sustainability is
helping customers adapt and be more eco-efficient.

The 2011 sustainability report cites specific examples of how Sun
Chemical’s products, services and projects are helping customers
improve cheir environmental impact. For example, the report highlights
Sun Chemical’s leadership role in low migration technology.

Other products and services mentioned in the report that have
helped customers become more eco-efficient include SunGraphics SunLite
In-Position Printing Plates for corrugated carton printers; the Sun
Chemical Dispenser Program for the commercial and label, narrow web
market; the SunMag Synergy ink/fount emulsion system for publication
printers; and SunClean/ SunWash cleaner and wash technology for heatset
printers.

All three sustainability reports, along with the ”
Carbon
Footprint

 Report 2010,” which outlines the results from nine
independent environmental analyses focused on quantifying the carbon
footprint of its product lines, are available to customers and can be
requested online at www.sunchemical.com/ company/sustainability.

Together with Sun Branding Solutions, its packaging brand lifecycle
management agency, and its parent company DIG Corporation, Sun Chemical
gave visitors at Interpack 201 I first-hand insight into its packaging
print solutions that allow brands to stand out in terms of sensory
appeal and functional performance, as well as compliance.

Sun Chemical demonstrated its ability to support all parts of the
packaging development workflow from pack design concept through to
press, conversion and brand launch.

Sun Chemicals
special effects
 in motion pictures, cinematographic techniques that create illusions in the audience’s minds as well as the illusions created using these techniques.
 portfolio as well as its latest range
of
lamination

 adhesives and low migration ink and coating solutions for
the food packaging industry were all introduced to brand owners at the
show7, as was Sun Chemical’s Best Practice Guide to Hood Packaging
Printing.

At BrasilPlast 2011, Sun Chemical introduced a new range of ink and
coating solutions for South American flexo and gravure converters, which
can be used on a variety of plastic substrates to provide
sustainability, brand differentiation, low migration solutions,
lightweighting and variable data printing on packaging.

Among the products introduced at the show were ECHO water-based
flexo inks, for use primarily on high-and low-density polyethylene or
plastic grocery bags; Sunlnspire, a broad portfolio of high-impact
special effects for every packaging substrate and print technology on
the market today; SunBar Oxygen Barrier Coatings, which are designed to
replace or enhance current oxygen barrier technologies used with a
variety of flexible packaging films; and SunLase, an advanced
color-change ink designed for inline patch printing and then subsequent
marking with laser technology.

Originally designed for commercial and folding carton printers, the
Sun Chemical Dispenser Program, which helps customers decrease their
overall ink spend by up to 45 percent, expanded to serve customers in
the narrow web tag and label market:. It allows printers to mix only the
inks they need, reduce their inventory and waste, improve color-matching
consistency, and significantly decrease total
operating costs
 npl →  
.

In December 2011, the Sun Chemical Dispenser Program won a bronze
medal in the category of the most environmentally progressive printing
technology at the first annual Canadian Printing Awards held during the
Graphics Canada trade show; To date, selected customers in Canada that
participated in the Sun Chemical Dispenser Program have seen their
spot
color

 ink inventories reduce by approximately 20 percent.

In September 2011, Sun Chemical launched
SunLit
  
adj.
Illuminated by the sun.

Adj. 1. sunlit – lighted by sunlight; “the sunlit slopes of the canyon”; “violet valleys and the sunstruck ridges”- Wallace Stegner
sunstruck
 Titan, a new
sheetfed ink system. SunLit Titan is a very high speed, fast drying ink
range, which will allow printers to accelerate and optimize their
workflow at two stages of the process. One-sided printed sheets dry
within minutes, which allows almost immediate turnover for reverse
print.

The Titan-effect is enabled by the introduction of innovative
patented raw materials leading to an ultra fast setting as well as fast
and thorough oxidative drying. Printers can also benefit from the fact
that the application of a water-based coating is not required. The new
range can be successfully applied across a variety of substrates. It is
best suited for use in small to medium print runs.

Sun Chemical launched a number of new narrow web ink solutions at
Labelexpo Europe 2011. SolarFlex Lightning White is a brand new ultra
high opacity UV flcxo white for maximum hiding power, and it works
equally well with high volume channeled and standard aniloxes.

SolarFlex Nova SL is a low odor ink system based solely on
Nestle’s “positive-list” of photoinitiators and features
excellent UV flexo performance properties, which allows quick make-ready
and efficient printing. SunCurc Starluxc is a UV offset product range
designed to provide the highest print quality to labels and packaging.
The series has been proven to offer reliable and robust press
performance on a range of papers, plastics and metallized substrates at
the highest print quality. The SolarScreen Colours range has been
upgraded for higher speed rotary screen printing without loss of
definition for increased productivity.

Raw material costs and supply issues continued to be concerns in
2011, and while there was some headway made on some key raw materials,
there are likely to be challenges ahead in 2012.

“In 2011, we saw a continuation of many of the same raw
materials supply issues and cost pressures that featured prominently in
2010,” said Ed Pruitt, Sun Chemical’s chief procurement
officer. “Rosin, solvents (particularly in Europe), acrylics,
energy cure resins, carbon black, titanium dioxide,
nitrocellulose
 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.
,

phthalocyanine

n.
Any of several stable, light-fast, blue or green organic pigments used in enamels and plastics.
 pigments and Violet 23 pigments all faced at various
times tight to short supply, during 2011.The drivers for these supply
issues and cost pressures were the same factors we wrestled with in
2010, i.e., increased demand from developing markets, feedstock issues,
supply limitations, and environmental and regulatory constraints in
India and China.

“As we look ahead to 2012, we expect to see continuing
improvement in the availability of many raw materials, but we also
expect to see volatility and continuing pressure from oil and
petrochemical-derived other commodities exposed to Mr, Pruitt added.
products, titanium dioxide and global supply/demand swings,”

Mr. Mellado anticipates further challenges ahead for printers, and
said that Sun Chemical is always ready to partner with its customers.

“Whether it is costs, sustainability requirements or
compliance issues, the challenges our customers are facing are more
challenging than ever and we don’t expect that to stop in 2012 and
beyond,”‘ Mr. Mellado said. ‘These challenges our
customers have faced have required a change in the way they do business.
We recognize these challenges at Sun Chemical, and we Ye transforming
with the industry by doing our part to help customers thrive in this
dynamic business environment by providing a comprehensive and consistent
offering of world-class products and services, delivering consistently
on our promises with strong technical and customer service and offering
break-throughs in ink technology that will ultimately save our customers
moncy.”

2 FLINT GROUP

North American Administrative Offices

14909 North Beck Road

Plymouth. MI 48170-7194

Phone: (734) 781-4600

Fax: (734)781-4699

www.flintgrp.com

Flint Group

2011 Global Sales: S3 billion ([euro]2.2 billion). North American
Sales: SI billion (Ink World estimate)

Major Products: Coldsct and heatset web offset, sheetfed oft-set,
flexographic, gravure wnd UV/EB inks; coatings for publication,
packaging and commercial applications. A wide range of inks and coatings
for narrow web tag and label applications.
Photopolymer

 plates and
sleeve systems for flexographic applications; highly engineered printing
blankets and sleeves for oft-set applications; Hull 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
colorant
  
n.
Something, especially a dye, pigment, ink, or paint, that colors or modifies the hue of something else.

adj.
Of or being a subtractive primary color.
 market

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

CFG Control Flow Graph
CFG Context-Free Grammar
CFG Club for Growth
CFG Cienfuegos, Cuba
CFG Critical Friends Groups
; Doug Aldrcd, president. Packaging and
Narrow Web; William 15. Miller, president. Print Media America/Print
Media Europe; Brent Stephen, president, Asia Pacific; Claudio Labbe.
president, Latin America; Mario Busshoff. president, Flexographic
Products; Craig Foster, president, Flint Group Pigments; Jan Paul van
der Velde. senior VP, procurement;
Russell Taylor

, senior VP global HR
& communications; Susan Kuchta, VP, Packaging & Narrow Web in
North America;
Jim Rogers

, VP/GM, Flexographic Products in North
America.

[ILLUSTRATION OMITTED]

Number of Employees: Approximately 7,300 worldwide.

Comments: The ink industry faced another challenging year in 2011
as raw material prices continued to rise through most of the year, while
the improvement in the economy did not overcome the higher costs. Bill
Miller, president. Print Media Americas for Flint Group 2011, said that
2011 was a difficult year for the printing industry and for Flint Group,
although the company did perform well.

“Economic recovery was not strong enough to spark a notable
recovery, though we did see a slight uptick in demand in some
segments,” Mr. Miller said. “The major factor contributing to
worse-than-expected results was the continuation of highly elevated raw
material costs. Even though we saw some raw material costs stabilize,
they did so at recording levels. Considering the economic and industry
headwinds that the graphic arts industry has been fighting for some
years now. Flint Group performed commendahly in 2011.”

Mr. Miller said that Flint Group had plenty of highlights in 2011,
beginning with its impressive safety record.

“One of our greatest accomplishments in 2011 was Flint Groups
ongoing commitment to safety and impressive improvement in safety
results,” Mr. Miller said. “We ended 2011 with an average
recordable incident rate below I.A rate of one’ is considered
‘world class’, and our employees definitely earn that
description. Everyone in the company–at all levels, in all jobs, in all
sites – helped to make Flint Group’s safety culture more and more a
part of who we are and what we do each day. Safety is an ongoing journey
as we continue to strive for perfection. Our employees are doing a great
job at making that journey safer and safer.”

Mr. Miller noted that two key Flint Group leaders earned
prestigious industry honors this year.

“Two of our team members were nationally recognized for their
contributions to the industry,” Mr. Miller said. “Diane
Parisi, vice president supply chain management, earned the 2011 Ault
Award bestowed by the National Association for Printing Ink
Manufacturers, and Jed Batchelder, national account manager, was
inducted into the Gravure Association of Americas Golden Cylinder
Society. These are reat and well deserved honors.

“It’s worth noting that many deserve a great deal of
credit for day-to-day efforts that
elude
  
tr.v. e·lud·ed, e·lud·ing, e·ludes
1. To evade or escape from, as by daring, cleverness, or skill:

2.
 the headlines,” Mr. Miller
added. “I’m referring to work such as providing customers with
consistent and reliable service and quality each day; helping customers
manage their cost to print; and continuing to evolve our product
lines.”

Flint Group also introduced a number of new offerings to the North
American print market, including Lithokett UV offset inks for label and
other narrow web applications.

Higher raw material costs as well as supply issues have been a huge
concern for ink manufacturers in the last few years. Ms. Parisi noted
that the raw material market continues to be a challenge for 3 number of
reasons.

For example, many raw material costs continue to rise,” Ms.
Parisi said. “Costs that have stabilized have done so at much
higher levels than years past. In addition, supply is still tight, as
crop yields have been sub-optimal while demand is still high. In 2011,
just as we’ve done in the past and will continue into the future,
Flint Group’s global procurement team addressed these challenges
head on. We continue to leverage our worldwide resources, formulating
skills and strategic forecasting and planning expertise.”

“Flint Group continues to stay abreast of raw material trends,
especially as volatility continues,” Mr. Miller added. “Recent
cost increases of
WTI

WTI World Tribunal on Iraq
WTI With The Idea  
 (West Texas Intermediate) and
Brent crude

 oil are
testament to that unpredictability.”

Even with these concerns, Flint Group’s leaders anticipate
growth in the coming years, as the company has built the foundation for
success through its R&D efforts, extensive portfolio of new products
and emphasis on customer support.

“Flexible packaging will continue to take the lead in terms of
growth, and experts expect the folding carton packaging segment to begin
a slow and steady
recuperation
 /re·cu·per·a·tion/ () recovery of health and strength.


n the process of recovering health, strength, and mental and emotional vigor.
,” said Susan Kuchta, vice president
of the North American packaging group. “Labels will continue to be
a high Focus area and is expected to grow at a higher rate than many
other ink market segments. In 2011 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.”

“Demand for energy curable and
environmentally friendly

 inks
are growing in nearly all print sectors, including–and perhaps most of
all–in sheetfed,” added Doug Labertew, vice president, sheetfed.
“Flint Group’s broad portfolio, including our ability to offer
a suite of inks, chemicals and blankets, will fuel our growth in those
and other areas.”

“As a strong player in all the major graphic arts segments,
Flint Group will succeed by continuing the simple yet successful formula
of cleating quality products that customers want and need, and backing
them by expert support,” Mr. Miller concluded.

3
INX

 INTERNATIONAL INK CO.

150 N.
Martingale

, Suite 700

Schaumburg, IL. 60173

Phone: (630) 382-1800

Fax: (847) 969-9758

www.inxinternational.com

INX …

Sales: $335 million.

Major Products: A hill line of ink and coatings solutions
technology for packaging, commercial and digital print applications,
including metal decorating, flexographic, gravure, web offset,
lamination, corrugated, sheetfed, digital and UV/ EB inks and coatings.

Key Personnel: Kotaro Morita, chairman; Rick Clendenning, president
and CEO; Bryee Kristo,
CFO

, senior VP, general affairs; Yuichi Kataura,

CTO

, senior VP, product development; George Polasik, seniorVP, offset
operations; John Hrdlick, senior VP COO, operations; Rick Westrom,
seniorVP, strategic global sourcing; Bob Osmundscn, seniorVP, general
counsel; Joseph Cichon, VP, manufacturing technology; Ken Kisner,
president, INX Digital International; Dave Waller, VP, sales director of
rigid packaging; Jonathan Ellaby, VP,
international operations

; Dave
Maternowski, VP quality systems; Dan Lombardo, VP of operations,
metal/energy curable; Jim Lambert, VP and GM, Digital Division; Randy
LaCazc, VP and CTO, Digital Division.

Number of Employees: Approximately 1,150.

Operating Facilities: Approximately 20 locations and 190 in-plants
throughout North America. Subsidiaries: INX International U.K.,
Rochdale, England; INX International France, Bretigny, France. Sister
company; INX Digital,
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; INX Digital Milan; INX Digital
Prague; Parent company: Sakata INX, Osaka, Japan.

Comments; INX International Ink Co. enjoyed an excellent year in
2011, with growth coming across all product lines, although higher raw
material prices impacted the bottom line.

“Last yery was very good, as we experienced one of our best
years for sales growth,” said Rick Clendenning, president and CEO.
“Each of our divisions grew, which is very encouraging to see, with
our packaging-related sales growing more than our commercial side. There
has been improvement in the segments we serve on the consumer packaging
side. Our liquid packaging products division experienced the most
growth. Sales of our energy curable products continue to rise, too, and
our international sales also have experienced gains. However, the
commercial printers are still struggling as the competition is fierce
and the market continues to shrink.

[ILLUSTRATION OMITTED]

“That said, our sales growth did not help us meet our bottom
line goals because of the continued and unprecedented raw materials
price increases throughout the year,” Mr. Clendenning added.
“We struggled every month because of the raw material pricing.

Packaging and inkjet are areas of strength for the ink industry,
and INX has created a strong portfolio of successful products in these
segments.

“Our high technology products in packaging continue to do very
well in the marketplace and drive our growth” Mr. Clendenning said.
“Our digital business is very exciting right now. It continues to
grow through our EVOLVE strategy as we educate more of our traditional
print customers about inkjet and how it can supplement and enhance their
own customer offerings.”

Mr. Clendenning noted that INX’s Edwardsville, KS operation
received an important honor during the past year.

“Our manufacturing facility in Edwardsville, KS received an
award for
TPM

 Excellence and was the first ink company outside Japan to
receive the award,” Mr. Clendenning said. ”
Chris Tucker

, our
general manager in Edwardsville, travelled to Japan to accept it.
We’re very proud of the management team and their colleagues in
Edwardsville for achieving this prestigious manufacturing level. And our
Digital division is a very dynamic group, too. They are developing some
very interesting hardware solutions for our traditional markets”

Mr. Clendenning said that raw materials costs and supply issues
remain the number one concern for INX International Ink.

“We have not seen much relief at all,” he said.
“There are some indications things may stabilize in some areas, but
there is no indication when raw material prices will start to drop this
year.

“There are some materials in very tight supply conditions that
we have to monitor and be careful of, but our sourcing group is doing an
excellent job in keeping us supplied in every area, ” Mr.
Clendenning added.”It continues to be a challenging situation and
will remain so for some time, but we will keep collaborating within our
company worldwide.”

Mr. Clendenning noted that Rick Westrom, INX’s senior vice
president of strategic global sourcing, received a major honor last year
from the Chicago Printing Ink Production Club (CPIPC).

“From a personnel standpoint, Rick Westrom, our senior vice
president of strategic global sourcing, was honored by the CPIPC last
December as its ‘Ink Person of the Year'” Mr. Clendenning
noted.

The company also made significant personnel and operational moves
as well during the past year.

“We added a highly respected and well known person in our
industry when Michael Brice joined the INX management team in late 201
if Mr. Clendenning reported. “Michael serves as our director of
business development. In 2012, we will break ground soon for our new
state-of-the-art manufacturing center in England. which is close to our
original site outside Manchester. When this site is completed, INX will
be moving from our current facility and adding more product lines to our
offerings. ”

Mr. Clendenning said he is
optimistic
  
n.
1. One who usually expects a favorable outcome.

2. A believer in philosophical optimism.


op
 about the coming year,
particularly on the digital side, although raw material and freight
costs remain a major concern.

“I am optimistic about this year” Mr. Clendenning said.
“The only big question marks are raw material and freight costs.
Due to the volatility and uncertainty of these areas, we have no other
choice but to pass along more price increases. Combined with cost
reductions we made to our company’s infrastructure in 2011, we
should start to see more improvement as 2012 progresses. We are planning
to grow in each area by using our technologies and customer service to
drive that growth.

“I am very excited about the electronics of our Digital
Division and the ink chemistries of INX Digital International,” Mr.
Clendenning concluded. “The two continue to collaborate on many
opportunities with our EVOLVE Advanced Digital Solutions. Our
traditional customers will benefit from using the technology they
develop.”

4 SIEGWERK
NAFTA

 

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 50321

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

Fax: (515)471-2202

www.siegwerk.com

SIEGWERK

Total North American Sales: $260 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,
rotogravure
 see printing.
 and offset
printing.

Key Personnel: Dr. Ansgar Norm, president NAFTA region; Dave
Hiserodt, managing director flexible packaging–U.S. & Canada; Jim
Stoelk, managing director labels – U.S. & Canada; Javier Trevino,
country manager–Mexico; Luis Orozco. country manager–Central America;
Bob Davison VP wide web sales & service-U.S. & Canada;
Terry
Davis

, VP wide web sales & service – U.S.
Dave Cox

, VP narrow web
sales & service – U.S. & Canada; Dr. Lothar Schaffeler, VP of
application technology-U.S. & Canada; Jyoti Gidvani, raw material

purchasing manager

; Stefan Schibrowski, director of supply chain and
quality;
Manuel Rivas

, Vp business development.

Number of Employees: 820 (U.S Canada. 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.
).

Operating Facilities: Des Moines, IA-NAFTA headquarters and two
manufacturing locations; Spartanburg, SC; Neenah, Wis Drums, PA:
Vacaville, CA; Morganton, NC; Baltimore, MD); Boston, MA; Chicago, IL;
Cincinnati. Oil; Dallas. TX; Minneapolis, MN; Ontario, CA; Preseott,
Ontario, Canada; Oakville, Ontario. C Canada; Montreal, Quebec,
Canada;Toluea, Mexico; Guadalajara, Mexico: Queretaro, Mexico;
Guatemala
City

 Guatemala.

Comments: The North American ink industry faced numerous obstacles
during the past year, and Siegwerk was no exception, as higher raw
material costs took its toll on profitability Still, the company enjoyed
success as well, as it celebrated its 100th anniversary and integrated
Environmental Inks, which it acquired in November 2010, into its
operations.

Dr. Ansgar Norm, president NAFTA region for Siegwerk, noted that
2011 was a challenging vear for the industry.

“Gross margin management, due to unprecedented kev raw
material cost increases, was the key focus tor the year,” Dr. Nonn
said.” Siegwerk was able to work with its customers to pass along
portions of the impact without sacrificing quality safety or supply
continuity of its products. It was a tremendous year that resulted in
increased cooperation and dialogue with Siegwerk’s key suppliers
and with all customers.”

The November 2010 acquisition of Environmental Inks, a water-based
ink specialist, provided Siegwerk with-an added presence in the narrow
web market as well as new technologies. Dr. Nonn said that the
combination has been excellent.

“A major highlight for Siegwerk NAFTA last year was the
integration of Environmental Inks into the Siegwerk team, Dr. Norm
said.” This union has proven to be an excellent fit in terms of
expanded technical offerings, stronger infrastructure and manufacturing
synergies for both organizations. This acquisition also allows Siegwerk
and Environmental Inks to further develop sustainable solutions for our
customer base.

“Siegwerk and Environmental Inks see UV/EB inks and coatings
for the label market to be a large growth area for moving into the
coming years,” Dr. Norm added. “With the combination of
technology from both Siegwerk and Environmental Inks, the label market
is projected to be a key growth driver for both Siegwerk and
Environmental Inks.”

Dr. Nornn also noted that 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 and
manufacturing, Siegwerk will be well poised to further grow within this
existing key focus market,” he said.

Mexico’s printing and converting market is growing at a fast
pace, and is also an excellent growth opportunity for Siegwerk NAFTA.

“With the addition of Environmental Inks technology portfolio,
additional opportunities have been opened for Siegwerk Mexico,” Dr.
Nonn said.

Dr. Nonn noted that raw materials remained a major focus for ink
manufacturers throughout 2011.

“Siegwerk has not perceived 2011 as a year driven by
improvements in the industry” Dr. Nonn observed. “The past
year was mainly driven by the industry’s focus on managing the raw
material environment.”

“In the first month of 2012, some raw material costs have
stabilized,” Dr. Nonn said.”However, titanium dioxide and
other key raw materials continue to pose risks due to supply/demand
deficiencies within their global supply chain.
Macroeconomic
  
n. (used with a sing. verb)
The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors.
 signals
such as an
impending
  
intr.v. im·pend·ed, im·pend·ing, im·pends
1. To be about to occur:

2.
 recession in Europe and slowed growth in China
indicate a calmer 2012. However, as we learned in 2011, the environment
can change direction very quickly.

“Siegwerk’s position as a global supplier positions us
well to forecast and if possible mitigate impending increases,” Dr.
Nonn added. “Siegwerk will continue to work closely with its
customers to keep them abreast of the ink raw material environment in
2012.”

In order to reduce the impact of higher raw material costs,
Siegwerk continued to work to further drive costs out of its internal
processes through the implementation of Siegwerk’s Xceed process
improvement initiatives.

“This Xceed program is a global initiative throughout Siegwerk
and has proven quite beneficial in the improvement of supply chain and
manufacturing processes,” Dr. Nonn said.

Dr. Nonn reported that Siegwerk is continuing to invest significant
resources into the NAFTA region.

“Siegwerks commitment to the industry is exemplified through
ambitious product development plans and capital investments in R&D,
as well as, manufacturing modernization,” he said/The region is
increasing its research capabilities with the expansion of
Siegwerk’s Global Innovation Network (GIN) into the region. GIN
allows for a global exchange of knowledge while continually improving
the quality of Siegwerk products globally”

Dr. Nonn said that the major efforts that Siegwerk has put into its
personnel, capital investments and technologies will ultimately pay off
as the company moves forward in the coming years.

“For 2012 and beyond, Siegwerk welcomes the future through
investments in technology, R&D, processes and people to further
improve the solutions and services provided to our customers,” Dr.
Nonn concluded. “Global economic uncertainty may continue to cast a
shadow on the short term, but despite these challenges, Siegwerk and
Environmental Inks are well-positioned to continue to be a value-added
supplier to the packaging industry”

5 CR/T

Division of Quad Graphics

1951 Constitution Ave.

Hartford, WI 53027

Phone: (262) 673-1400

Fax: (262)673-1459

www.qg.com

CRT

 

Sales: $235 million (Ink World estimate).

Major Products: Offset, gravure inks and inkjet inks.

Key Personnel: Jim Mercier, executive director of CRT; Sunil Rao,
technical director, CR/T: Randy Maas, gravure
operations manager

.

Number of Employees: Approximately 100.

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: With sales approaching $4.8 billion in 2010,
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.The company is continuing its integration of Worldcolor,
which it acquired in July 2010.

In order to meet its printing ink needs, Quad/Graphics formed its
Chemical Research/Technology (CR/T) division in 1982. CR/T manufactures
high-quality offset and gravure inks, producing hundreds of millions of
pounds of ink every year.

CR/T prides itself on developing environmentally friendly inks,
beginning with its
Enviro
  
n. pl. en·vi·ros Informal
An environmentalist.
 Tech line of offset inks, which have
approximately 27%
renewable resource

 content. All of CR/T’s offset
inks have at least 20% renewable resource content.

6 DUPONT

Barley Mill Plaza, P30/2367

P.O. Box 80030

Wilmington, DE 19880-0030

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

Fax: (302) 892-5609

www.Inkjet.dupont.com; www.mcm.dupont.com

Sales: $160 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 &
Technologies; William F. Feehery, global business director, DuPont

Photovoltaic

 Solutions; Kerry Adams, European business development
manager – DuPont
Microcircuit

 Materials; Peter Brenner, global marketing
manager, photovoltaics-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
in
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 m sales in 2011, DuPont prides
itself as a science company that develops a wide range of solutions for
countless markets, including inkjet and printed electronics.

In terms of the digital ink market, DuPont has been the leading
supplier of
OEM

 inks for desktop printers, as well as digital textile
inks with its Artistri system.

The printed electronics market has tremendous potential, and DuPont
has made strong
inroads

Noun, pl

make inroads into to start affecting or reducing:

 npl to make inroads into [+
 in the solar market, with more than $1 billion
in sales in that segment. DuPont Microcircuit Materials (MCM), part 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 (
OLED

),

biomedical

adj.
1. Of or relating to biomedicine.

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

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

 antennae and other
printed electronic applications.]

DuPont’s inks are suitable for roll-to-roll screen printing,
flexo, gravure, photo-imaging,
pad printing

, inkjet and other processing
techniques.

For example, the company launched DuPont 5064H in November 2011.
DuPont 5064H is a highly conductive silver paste that can be screen
printed onto a variety of substrates.The company also offers its Solamet
line of photovoltaic metallization pastes, most recently launching
Solamet PV414, designed for rotary screen printing to enable high speed
roll-to-roll processing of thin and flexible solar cells and modules.

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.

“Innovalight has very exciting technology that improves cell
efficiency and DuPont can help expedite its adoption” said David B.
Miller, president–DuPont Electronics & Communications. “DuPont
and Innovalight share a commitment to innovation in materials that have
a common purpose – to make solar energy more efficient and more
affordable.”

7 WIKOFF COLOR CORPORATION

1886 Merntt Road

Fort Mill, SC 29715

Phone: (803) 548-2210

Fax: (803) 548-5728

www.wikoff.com

WikoffColor

CORPORATION

Sales: $155 million (Ink World estimate).

Major Products: Sheetfed and web offset inks, solvent-based and
water-based flexo and gravure inks, eneryy-curable inks and coatings,
security inks, UV Inkjet inks, overprint
varnish
 homogeneous solution of gum or of natural or synthetic resins in oil (oil varnish) or in a volatile solvent (spirit varnish), which dries on exposure to air, forming a thin, hard, usually glossy film.
 and aqueous coatings.

[ILLUSTRATION OMITTED]

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 decent 2011, as the company
continues to make gains in flexible packaging and inkjet as well as
expanding its global reach.

“Wikoff saw sales improvement in 2011, continuing the trend
that started in 2010” said Geoff Peters, Wikoff Colors president
and CEO.”With raw material prices continuing to rise throughout the
year and the challenge of passing through the full amount of the
material cost increases, margins remained under pressure during all of
2011.

“We have seen positive growth in our packaging and label
customer base and we are optimistic about the outlook in both of those
markets,” Mr. Peters added.” Additionally, we were excited by
the growth in our energy curable product lines and in our label and
flexible packaging markets. Overall, the commercial printing market did
not fare as well, but we saw – the strong commercial printers grow their
businesses as others contracted or went out of business.”

Wikoff Color is always looking for opportunities to grow its
business, including adding new facilities and products to its portfolio.
For example, during the past year, Wikoff Color expanded its operations
into the UK.

“Wikoff recently opened new facilities in the UK and in
Sacramento, CA, expanding our geographic footprint” Mr. Peters
noted.”We also significantly grew our inkjet business and
strengthened our technical service capabilities by adding new-people and
processes to what we already offered to our customers. We have also
invested capital in our inkjet business and in equipment to grow our
energy curable product lines. Key personnel additions include a product
manager for our inkjet business and a manager of our international sales
efforts.”

Mr. Peters reported that raw material supply issues have stabilized
for the most part, but costs remain high.

“Supply has stabilized across most categories of ink raw
materials, so obtaining the materials we need is no longer a significant
concern,” Mr. Peters said.”That was not the case a year ago,
when there were supply issues with rosin resin and a number of pigments,
including
carbazole

 violet and phthalo greens and blues. While we have
experienced some price relief as supply has improved, our overall raw
material cost is still substantially higher than it was two years ago.
We continue to work with our suppliers to look for opportunities to
improve our supply chain and control our costs.”

Mr. Peters sees the company’s expansion into new markets as
being the key to Wikoff Color’s growth in the coming years.

“Wikoff’s growth areas continue to be in the packaging,
especially flexible packaging, and label markets, our inkjet business
and across all of our energy curable product lines,” Mr. Peters
noted. “We are also very excited about our expanding international
presence and the customer base we are building overseas.

“Unfortunately, we do not see significant improvement in the
global economic environment in 2012/ Mr. Peters concluded.
“Recognizing that the macro conditions wont drive much growth, we
are counting on our geographic expansion, continued improvement in the
packaging and label markets, and the further growth of our inkjet
business to drive strong sales improvement for Wikoff
Color in

 2012 and
beyond.”

8 HOSTMANN-STEINBERG

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

HOSTMANN-STEINBERG, INC. USA

2850 Festival Dr.

Kankakee, IL 60901

Phone: (815) 929-9293

Fax: (815) 929-0412

www.hostmann-steinberg.net

Hostmann-Steinberg

Sales: $150 million (Ink World estimate).

Major Products: Heatset, shectfed, coldset, UV and EB, forms and
6exo Inks; aqueous and UV coatings.

Key Personnel: Michael Geiger, group managing director America,
Canada; Vivy DaCosta, VP Canada;
Mark Wilson

, sales director, Canada;
Dr. Thomas Griebel, technical director, Canada; Debu Sengupta, CTO, USA;

Steve Martin

, director of sales/marketing, USA.

Number of Employees: 300 (Ink World estimate).

Operational Facilities: Main plants in Kankakee, IL and Toronto,
Canada, and 22 branch facilities coast to coast.

Comments: The North American division of hubergroup,
Hostmann-Steinberg is the North American division of hubergroup,
Kirchheim, Germany, a family-owned printing ink manufacturer with sales
of nearly $1 billion in 2010.

Hostmann-Steinberg has put much emphasis on environmentally
friendly inks. Many of Hostmann-Steinberg INKREDIBLE inks contain 70%
Bio Renewable Content (
BRC

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.

9 SANCHEZ SA DE CV

Onentel71#367

Mexico City

, Mexico

Phone: +52 55 5118 1000

Email: er.sanchez[
congruent
  
adj.
1. Corresponding; congruous.

2. Mathematics
a. Coinciding exactly when superimposed:

b.
 to]sanchez.com.mx

www.sanchez.com.mx

Sales: $141.7 million (inks); $171.8 million overall.

[ILLUSTRATION OMITTED]

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 (paste inks); Ernesto Sanchez Miguel Talamantes,
commercial director (liquid inks); Jesus McKclligan, operations
director; Salvador Duran, technical manager (paste inks); Agustin
Lozano, technical manager (liquid inks).

Number of Employees: 1,150.

Comments: The leading ink manufacturer in Mexico and Central
America, Sanchez SA de CV had a strong year in 2011, with sales on the

upswing

, although the company did not quite reach its high expectations.

“Although we fell short in our expectations, our growth of 3%
in terms of dollars kept us optimistic about our strategies and the
behavior of our products in the market,” said Ernesto J. Sanchez,
managing director. “Our paste inks kept showing signs of recovery,
including our heatset inks, which reported excellent results.”

Sanchez SA de CV has opened a series of subsidiaries in 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.
 (Sanchez Centroamerica), Guatemala
(Tintas Sanchez Guatemala SA) and Costa Rica. These have helped spur the
company’s expansion.

The good results of our subsidiaries in Central America have
contributed to Grupo Sanchez’growth,” Mr. Sanchez said.

Sanchez SA de CV saw some stabilization in raw materials near the
end of 201 1.

“At the end of the year, the raw material cost and supply
started to show signs of stabilization, giving us an small relief after
having struided with these issues for many months,” Mr. Sanchez
noted.

Packaging inks have enjoyed the most success in recent years. As a
result, Sanchez SA de CV is putting more resources into liquid inks,
beginning with the construction of a state-of-the-art liquid
ink plant
), the berries of which yield a juice which forms an ink.

See also: Ink
 north of Mexico City.

“Our steady results in flexo and gravure have led us to build
a new plant dedicated to the manufacturing of liquid inks,1” Mr.
Sanchez said. “We purchased a 400,000 square foot piece of land a
few miles north of Mexico City, and we are about to start construction,
which we expect to finish by the beginning of 201 3. This will also
permit us to reorganize our Mexico City plant into a more efficient
paste ink manufacturing site.”

Overall, Mr. Sanchez said that 2012 looks to be a good year for
Sanchez SA de CV, as sales increase and the company continues to grow
outside of Mexico.

“In general, we feel optimistic about 2012, with signs of
improvement in our volumes and less pressure in our cost price balanced
Mr. Sanchez concluded. “Our international subsidiaries will
continue to be a key piece of our strategy.”

10 TOYO INK AMERICA,
LLC

 

1225 N.Michael Dr.

Wood Dale, IL 60191

Phone: 866-969-8696

Fax: 630-628-1769

www.tovoink.cam

TOYOINK

Sales: $102 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.

[ILLUSTRATION OMITTED]

Key Personnel: Toyo Ink International: Hideki Okaichi, president
and CEO. Toyo Ink America:
John Copeland

, division president/ COO,
printing ink division; Hideki Ohba, GM, paste ink sector; Jim Newkirk,
GM, liquid ink sector. Toyo Ink Mfg. America: Yasuo Koga, president;
Koji Ueno, GM. LioChem: Kazuhito Nakano, president; Hudson Moody, GM,
colorants division; Terry Hall, GM, gravure division.

Comments: Toyo Ink America, LLC, had a good year in 2011, enjoying
better than expected growth while opening up its new state-of-the-art
headquarters and manufacturing facilities in Wood Dale, IL,

“Our business in 2011
tared
  
n.
1. Any of various weedy plants of the genus Vicia, especially the common vetch.

2. Any of several weedy plants that grow in grain fields.

3.
 better than 2010/* said John
Copeland, division president/COO, printing ink division for Toyo Ink
America, LLC. “Despite a
sluggish economy

, we ended the year with
better growth than anticipated, double-digit in energy curable
products”

For Toyo Ink America, energy curing and packaging are areas that
offer excellent opportunities, while the commercial sheetfed market
remains challenging.

“For Toyo Ink America, the major growth areas were packaging
and energy curable solutions,” Mr. Copeland said. “We were
particularly strong in solvent-and water-based inks for flexible
packaging and sheetfed inks for foldine carton.

“Package printing is more stable than the commercial side,
which continues to be soft,” Mr. Copeland added. “Demand for
energy curable solutions is up, as customers continue to increase
efficiency and productivity in the workflow. UV and EB can also help
create special effects that differentiate printed products. In a slow
economy, customers seek to differentiate themselves by offering unique
effects to help draw new business.”

In the summer of 2011, Toyo Ink America relocated its headquarters
to a more spacious location in Wood Dale. IL. The new headquarters
provides Toyo Ink America with the ability to continue its R&D work
as well as its growth throughout the Americas. At the new site. Toyo Ink
America produces and develops water-and solvent-based liquid inks,
offset and UV inks and coatings, primarily targeting the flexible
packaging, folding carton, bag, foil and label printing markets.

“The new facility dramatically boosts our production and
technical support capability by affording room for new equipment, an
expanded R&D laboratory and an increase in sales and technical
staff,” Mr. Copeland said. “As our customer base continues to
expand in North and
South America
 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.
, a more spacious and versatile work
space was needed in order to better support our customers as well as
facilitate our future growth.

“Our goal is to be the leader in product innovation and
quality,” Mr. Copeland added. “The relocation to a larger
facility is the latest commitment we’ve made in leveraging our
manufacturing, development and support expertise to grow our packaging
business in the Americas. It provides us with the resources necessary to
respond to our increasing customer base in the Americas and the
immediate need to bring our growing lineup of customized packaging and
commercial print solutions to the global marketplace.

Also in 2011, Hideki Okaichi was appointed as Toyo Ink America,
LLC’s new chairman and CEO. He will soon succeed Mamoru Sasajima as
president of Toyo Ink International Corp., the holding company for the
U.S. operations of the Toyo Ink Group. Mr. Sasajima will return to Japan
this spring to a yet-to-be-disclosed position.

Mr. Copeland noted that Toyo Ink America was active at trade shows,
and received good responses from attendees.

“The Toyo Ink Group had good showings at Info Flex and Pack
Expo trade shows, “Mr. Copeland added. “We had very good
responses from quality visitors and new leads generated at both events.
With the merging of Toyo’s liquid and paste ink businesses in 2010,
there was tremendous interest in our expanded product lines and in the
company in general.”

While the latter part of 2012 saw a general improvement in raw
material costs and supply, there remain key ingredients that are
volatile.

“Overall, raw materials and supply have stabilized, but we
still see sharp price fluctuations and supply shortages in materials
such as violet and titanium dioxide pigments, resulting in increased
costs and higher finished product prices,” Mr. Copeland said.

Overall, Mr. Copeland anticipates steady growth in 2012.

“Based on recent economic indicators, the U.S. economy looks
to improve in 2012,” Mr. Copeland noted. “The growth of the
printing industry will mirror that of the general economy. As such,
growth within the industry is expected to be slow and steady.”

11 FUJIFILM NORTH AMERICA, GRAPHICS SYSTEMS DIVISION

1101 W. Cambridge Circle Drive

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).
, KS 66103

Phone: (913) 342-4060

Fax: (913)342-4752

www.fujifilmusa.com/graphics

FUJIFILM

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

Major Products: UV screen, UV flexo, UV digital (
piezo

 inkjet),
solvent-based digital and solvent-based screen inks; screen pre-press;
Inca Onset Digital Printers and Fujifim UV wide format inkjet printers,
Fujifilm Digital Inkjet J Press 720.

Key Personnel: Masahiro Ota, division president; Todd Zimmerman,
VP, sales and marketing; Mitch Bode, VP, wide format inkjet and
specialty ink systems; Chris Lomas. VP of sales; Terry Mitchell,
director of marketing.

Number of Employees: 650.

Operating Facilities: 15.

Comments: As the world of digital printing continues to expand,
Fujifilm is enjoying growth. As a result, FUJIFILM North America,
Graphic Systems Division, which manufactures inks for both inkjet and
screen printing, is also enjoying strong growth.

“As a global corporation, Fujifihn increased revenues over
2010” said Todd Zimmerman, VP, sales and marketing for Fujifilm.
“This increase reHected the release of new products and successful
efforts to promote sales in response to growth in emerging markets. The
continuing acceptance and growth of inkjet technology in the graphic
arts market, and Fujifilm’s leadership role in inkjet, contributed
greatly to our success.”

Fujifilm had a number of notable highlights during the past year,
beginning with the introduction of the Inca Onset S40 wide-format. UV
flatbed
inkjet printer

. The company held its technology preview of the
new FUJIFILM Acuity LED 1600 wide-format UV inkjet printer, featuring
environmentally-friendly LED ink-curing innovation; the introduction of
the Uvistar 2 super wide format UV inkjet printer and the continuation
of its legacy as a world-class production printer; the first North
American installation of the revolutionary J Press 720, and the opening
of the new state-of-the-art
CTP
 (cytidine triphosphate): see cytosine.


(1) (Computer-To-Plate) The production of printing plates directly from the computer without requiring film as an intermediate step.
 manufacturing plant in Tilburg,
Netherlands, incorporating cutting-edge manufacturing and energy saving
technologies while adding considerable capacity and capability.

The investment in the new CTP manufacturing line in Tilburg adds
considerable capacity and capability to Fujifilm, allowing the company
to meet the growing demands of customers in Europe, the Middle East and
a host of other countries.

Mr. Zimmerman noted that print buyers and printers alike are
reaping the benefits of digital technologies.

“The rapid growth and acceptance of digital and inkjet
technologies have led to great quality, productivity and efficiency
increases in the printing industry,” Zimmerman said. “Print
buyers have seen tremendous improvements in quality, turnaround times
and cost reduction. Fujifilm’s strength in bringing new inkjet
applications to both screen and offset printing has helped to fuel this
improvement, allowing many printers to take advantage of new inkjet
technologies and expand their business offerings. Screen and offset
printers have seen shrinking print runs and increasing
‘regionalization and variable data jobs lead to new-business
opportunities and growth thanks to their investments in new7
technologies. Fujifilm has worked hare! to provide the products and
services the evolving printing industry needs to stay competitive and
strong”

Fujifilm has implemented worldwide approaches in order to cope with
raw material costs and supply issues.

“Material costs and supply issues present a challenge to the
entire industry,” Mr. Zimmerman reported. “Fujifilm expects to
see a recovery in the very near future, and has implemented global
initiatives designed to create a strong and robust company positioned to
provide our business partners with the innovative products and services
they need when they need them.”

Mr. Zimmerman said that a major component of Fujifilms growth
strategy entails bolstering activities in priority business fields that
allow it to differentiate its products using proprietary technologies,
“Major growth initiatives include screen and offset printing
technologies, wide format, digital inkjet and
CTR

” Mr. Zimmerman
said. “Fujifilm plans to expand Us role as the leading plate
supplier to the graphic arts industry to the world of
flexography
  
n.
A system of printing on a rotary press employing water-based ink, used especially for printing on plastic, paper, or cardboard.


flex·og
.
Packaging presents an ideal opportunity for Fujifilm to expand its
technological innovation in ink technology. especially LED-curing inks.

“You can expect to see exciting new developments at the drupa
trade fair this year that will increase quality, enhance productivity
and expand efficiencies. Fujifilm is committed to strengthening our
lineup of high-quality products that boast superior cost performance,
anticipate and accommodate changing market needs, and reinforce our
lorm-teriu commitment to our customers.”

Mr. Zimmerman said that Fujifilm will continue to use leading edge,
proprietary technologies to add innovation and utility to its products,
including the J Press 720 inkjet printing press, wide format, super wide
format and roll-fed inkjet printers, media and its line of inks and
toner-based inks.

“Fujifilm fully intends to grow its market-leading position
worldwide by introducing innovative, productivity-enhancing products and
services,” Mr. Zimmerman concluded. “By harnessing the
strengths of our technological prowess, we plan to release a constant
stream of high value-added products in fields that can be expected to
experience significant growth.

“Fujifilm’s corporate philosophy is to use leading edge,
proprietary technologies to provide top-quality products and services
that contribute to the advancement of culture, science, technology and
industry, as well as improved health and environmental protection in
society,” Mr. Zimmerman added. “Our
overarching
  
adj.
1. Forming an arch overhead or above:

2. Extending over or throughout:
 aim is to help
enhance the quality of life of people worldwide.”

12
EFI

 

303 Velocity Way

Foster City, CA

94404

Phone: (650) 357-3500

Fax: (650) 357-3907

www.efi.com

efi essential to print

Sales: $592M for EFI at the corporate level; Ink World estimates
$83 million in ink and consumables.

Major Products: Through its VUTEk, Jetrion and Rastek 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 super-wide 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,
SVP

SVP Senior Vice President
SVP Schweizerische Volkspartei
SVP Society of Vertebrate Paleontology
SVP Social Venture Partners
SVP St Vincent de Paul
, worldwide sales and marketing;
Scott Schinlever, SVP/GM, EFI’s Inkjet Solutions.

Number of Employees: Approximately 1,900,

Operating Facilities: 23 worldwide offices.

Electronics For Imaging, Inc. (EFI), a world leader in
customer-focused digital printing innovation, recorded an excellent year
in 2011, with sales up 17% year-over-year to $591.6 million.

“Our eighth consecutive quarter of double-digit revenue
growth, which reflects records for both our Inkjet and APPS segments,
completes a very successful year for EFI on many levels. Our team
delivered 17% revenue growth in 2011, an approximate 90% increase in
non-GAAP net income growth, strong
cash flow from operations

, and a
record level of recurring revenue,” said Guy Gccht, CEO of EFI.
“We are excited about the opportunities ahead and plan to
accelerate our innovation while continuing to execute on our strategy
enabling customers to profit from the transition of analog print to
digital technology while driving efficiencies in their businesses”

On the inkjetside of its business, EFI features its VUTEk, Rastek
and Jetrion printers and inks. At the Specialty Graphic Imaging
Association (
SGIA

SGIA Specialty Graphic Imaging Association
SGIA Safe Games Illinois Act
SGIA Screen Printing and Graphic Imaging Association
) Expo, fem VUTEk GS3250LX LEI) UV-curing printer
received the Product of the Year award in the Flat-Bed-Rigid Substrate
UV category. At Labelexpo 2011, EFI introduced the Jetrion 4900, an
innovative UV inkjet digital printing system that combines high-quality
digital printing with inline laser finishing for label converters.

In January 2012, EFI moved into the ceramic tile market by
acquiring Cretaprint S.L., Castellon, Spain, a leading developer of
inkjet printers for ceramic tiles.

“As evidenced by our record revenues, we are benefitting from
strong traction in our industrial inkjet segment and are excited about
expanding into the ceramic tile market, which represents a tremendous
growth opportunity for EFI,” said Mr. Gecht. “We have been
tracking the swift transformation from analog to digital technology in
tile imaging for quite some time, and have been deeply impressed with
the fast growth and global leadership position of Cretaprint.”

13 AMERICAN INKS & COATINGS

3400 N. Hutchinson St.

Phone: (870) 247-2080

Fax: (870) 247-5317

www.americaninksandcoatings.com

AIC AMERICAN INKS AND COATINGS CORP.

Sales: $72 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 Mosley, CEO; Michael Mosley COO;
Scott Clark

,
VP and general manager.

Number of Employees: 197.

Operating Facilities:
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; Winston-Salem, NC;
Shreveport, LA; Portland, OR; Ontario, CA; San Leandro, CA; L)allas, TX;
Atlanta, CA; Louisville, KY; Chicago, 1L.

Comments: The sixth-largest U.S. packaging ink manufacturer,
American Ink and Coatings (AIC) continues to enjoy growth in the
flexible packaging, folding carton, multiwall bags and gift wrap ink
markets, with sales increasing nearly 6% to $72 million in 2011. With
the acquisition of Graphic Sciences, a water-based corrugated ink
specialist, in October 2011, AIC is poised to enter new markets.

“It was a good year for AIC in all aspects of the
business,” said CEO Jerry Mosley.” Paper packaging in some
areas continues to decline, while Flexible continues to grow.”

For AIC, the major news was the announcement that Mosley Moldings,
the parent company of AIC, acquired Graphic Sciences. The acquisition of
Graphic Sciences provides AIC with new water-based inks for the
corrugated market, as well as the experience and knowledge of the
Graphic Sciences1 team. AIC will continue to operate Graphic
Sciences’ eight facilities, and consolidated the company’s
Portland. OR headquarters in Mosley Holdings’ Sheridan, AR offices.
In addition, Jeff Ashburn, president of Graphic Sciences, will stay on
to lead this group for AIC.

Outside of the Graphic Sciences acquisition, AIC continues to
invest in improving efficiency, and upgraded some of its mills to
improve production.

For the most part, raw material costs and supply concerns have
stabilized, although there remain challenges.

“Pricing and supply have seemed to stabilize, with certain
items continuing in short supply and threats of future increases,”
Mr. Mosley noted.

Mr. Mosley believes that the combination of AIC and Graphic
Sciences positions the company for continued growth in the packaging ink
market in the coming years.

“For us, 2012 and beyond look to be outstanding growth years
for American Ink and Coatings with the acquisition of Graphic Sciences
and the new markets we feel we can now serve,” Mr. Mosley
concluded.

14 NAZDAR

8501 Hedge Lane Terrace

Shawnee, KS 66227-3290

Phone: (913) 422-1888

Fax: (913) 422-2296

www.nazdar.com

NAZDAR

Sales: $70 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-based.

Key Personnel: J. Jeffrey Thrall, CEO; Mike Fox, president; Richard
Bowles, VP GM; Phil McGugan, VP global sales and marketing; Mike
McGowan, VP and technical director;
Jim Davidson

, VR global operations;
Mike Harjung. VP narrow web business unit.

Operating Facilities: Five in the U.S., UK, Singapore and Mexico.

Comments: Long a leader in the North American screen printing ink
market, Nazdar has grown along with its customers, successfully moving
into the digital printing ink field and expanding its global reach.

Because of these efforts, Nazdar is enjoying growth worldwide in
all of its business areas, which include Nazdar Ink Technologies, a
leading manufacturer of specialty inks serving inkjet, narrow web and
screen printing markets worldwide; Nazdar SourceOne, a leading
distributor of inks, equipment and supplies for screen and digital
printers in North and Central America; and Nazdar Consulting Services,
with industry renowned personnel that help printers optimize results
through training and consultation.

“For us, 2011 was a success with growth in all product
sectors,” said Richard Bowles, Nazdars vice president and general
manager. “Nazdar continues to expand our business in Europe, South
America and Asia Pacific.”

Mr. Bowles noted that Nazdar is enjoying growth in a number of
areas, notably in digital ink. flexo/rotary ink and LED technology,
where the company has accomplished groundbreaking work on the screen
side.

“Nazdar collaborated to make Empire Screen Printing in
Onalaska, WI the first company to successfully utilize UV LED ink curing
technology for screen printing,” Mr. Bowles said. “LED curing
offers many benefits, including elimination of ozone emissions and CFMs
from mercury bulbs, lower operating costs for bulb and
reflector
 see telescope.
 replacement, and energy savings.”

On the digital ink side. Nazdar has expanded its technical service,
creating the InkAnswcrs[congruent to]nazdar.com connection for quick
assistance.

Mr. Bowles pointed out that the impact of digital technologies is
felt throughout the printing industry including the prepress field.

“Clearly digital technology impinges on the screen printing
market, though sectors, particularly industrial, remain healthy”
Mr. Bowles said. “Prepress technology has become an important tool
in all printing methods, shortening set-up time and providing more
accurate color.”

Mr. Bowles noted that raw materials remain an area of concern for
Nazdar.

“Raw material pricing and supply continue to be a
concern,” he said. “Nazdar is continually working to leverage
our position in order to keep costs low.”

For Nazdar, 2012 is a year of great promise as well as celebration,
as the company reflects on its 90th anniversary

“This year Nazdar. one of the earliest manufacturers of screen
printing ink, celebrates 90 years in business,” Mr Bowles said.
“We expect to continue current growth trends, both geographically
and technologically.”

15 CENTRAL INK CORPORATION

1100 N. Harvester Road

West Chicago
 city (1990 pop. 14,796), Du Page co., NE Ill.; inc. 1906. Mostly residential, the city produces chemicals.
, IL 60185

Phone: (630) 231-6500

Fax: (630) 231-6520

www.cicink.com

Sales: $60 million.

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

Key Personnel: Richard Breen, CEO; Gregg Dahleen, president; Doug
Anderson, VP of product development; Mary Dickey, VP of finance; Bradley
Dahleen, VP of sales and niarketing; Victor Dahleen, VP of strategic
services.

Number of Employees: 117.

Operating Facilities: West Chicago, IL; Minneapolis. MN; Milwaukee,
WI; Swedesboro, NJ; Ontario, CA; Toronto, Canada.

Comments: The publication printing business has been hard hit by
both the global recession as well as new technologies, and ink
manufacturers have also felt the impact. For Central Ink, 2011 was a
challenging year, although the company’s decision to diversify into
other segments is paying off.

“It was a tough year due to higher raw material costs,”
said Bradley Dahleen, Centra! Ink’s vice president of sales and
marketing/We added a lot of smaller and middle-sized customers, which is
good. Flexo is growing and is gaining naction, and news ink is up across
the country Heatset is better than it has been in years, and is growing
fastest for us.”

Raw materials remain a serious concern for ink companies,
particularly on the publication ink side, and rising oil prices are a
major issue. To help cope with these increases, Central Ink has been
improving its manufacturing efficiency.

“Even though raw material prices stabilized somewhat, we still
couldn’t recover the increases we have been hit with, and if oil
continues to rise, there will be a lot more price increases on the
horizon/’ Mr. Dahleen said. “In 201 1, we automated our large
batch manufacturing to a greater extent.”

Overall, Mr. Dahleen believes that the coming year will be similar
to 2011 for the ink market.

“January 2012 started great, but overall, we think that 2012
will be exactly like 2011” Mr. Dahleen said. “I think we are
finding some kind of balance, but there is still a lot of uncertainty
and there are a lot of printers who are facing tongh financial
times.”

15 SICPA SECURINKCORPORATION SICPA PRODUCT SECURITY LLC

8000 Research Way

Springfield, VA 22153

Phone: (703) 455-8050

Fax: (703)450-4518

Email: securityinks@sicpa.com

www.sicpa.com

SICPA

Total Sales: $60 million (Ink World estimate).

Major Products: Proprietary security inks for
intaglio
 , 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; Tom Jay, VP of
sales and marketing; Torn Classic, technical director.

Number of Employees: Approximately 150.

Operating Facilities: Springfield, VA; Fort Worth, TX; Carol
Stream, IL; Vaudreuil-Dorian, Quebec.

Comments: The need to provide
security measures

 for documents and
consumer brands is of critical importance in the face of counterfeiting
and terrorism, and ink plays a major role in such security features.

For SICPA S.A., the Lausanne, Switzerland-based printing ink
manufacturer, security ink is its
lifeblood
  
n.
1. Blood regarded as essential for life.

2. An indispensable or vital part:
. SICPA is the global leader
in providing inks for currency and sensitive documents, and has
leveraged its K&D expertise into the field of brand security. With
worldwide sales of $400 million during 2011, SICPA S.A. provides
security inks for the majority of the world’s currencies.

SICPA Securink Corporation, SICPA S.A.’s North American
subsidiary, is the predominant security ink manufacturer in North
America, with its inks appearing on currency and security documents as
well as packaging of value. In terms of U.S. currency, SICPA’s
color-shifting
Optically Variable Ink

 (
OVI

OVI Operating a Vehicle while Intoxicated
) has played an important role
in reducing counterfeiting, and the company’s R&D expertise has
been essential in developing innovative inks in cooperation with its
parent company and its high-tech suppliers, combined with excellent
technical support.

Brand protection is an increasingly important field, and SICPA
offers expertise in developing integrated systems for
authentication

 and
secure supply chain. SICPA manages the California and Massachusetts
counterfeit-resistant tobacco tax stamp programs, and is also in a joint
venture with
Canadian Bank Note Company

 on the Canadian tobacco
stamp
program

.

In September 2010, SICPA acquired Meyercord Revenue Inc., a
specialist in stamping machines and ancillary equipment for tax stamp
programs, from Illinois Tool Works Inc. This acquisition is paying off;
in June 2011, Meyercord introduced FUSON OASIS, a new
excise tax

 stamp
solution to help curtail counterfeiting of excise tax stamps and to
enable state governments to more effectively collect owed tobacco excise
taxes. The next-generation, heat-transfer system includes new overt and
covert security features, including proprietary color shifting ink and
both short-and long-wave fluorescent inks in the
watermark
 see paper.


See digital watermark.
, adding
complexity and cost to counterfeiting attempts.

15 SUPERIOR PRINTING INK

100 North St.

Tcterboro, NJ 07608-1202

Phone: (201) 478-5600

Fax: (201) 478-5650

www.superiorink.com

Superior

PRINTING INKS

Sales: $60 million.

Major Products: Sheetfed, UV, waterless, heatset web. flexo and
gravure inks, coatings and varnishes.

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

; Peter Nunez, VP, finance &
administration.

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
 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
 and Massachusetts) and Spinks Ink (Chicago)
subsidiaries.

Comments: For Superior Printing Ink, 2011 mirrored its core
sheetfed ink market, with plenty of challenges but also some
opportunities emerging in new technologies.

“It was another challenging year for many reasons, but in the
end we fared well,” said James La Rocca, chief operating officer.
He added that there was not much growth in the printing industry in
general, as many print venues remain unchanged while a few fared better
than others.

Superior has enjoyed success with its UV products, and has some
promising new products in the pipeline for 2012.

“We had better than expected growth with our UV
products,” Mr. La Rocca said. “We also made significant
progress in the development of some new products we hope to add in
2012.”

In a move that strengthens its presence in Southern California,
Superior Printing Ink acquired Ink Makers, Inc., a Commerce, CA-bascd
sheetfed ink specialist. Founded in 1969, Ink Makers, Inc. is noted for
its excellent quality And customer service.

Superior Printing Ink had opened its own facilities in Commerce
tour years ago, and Ink Makers, Inc. will be consolidated into the new
facility Rick Mills, Ink Makers, Inc.’s president, will remain with
Superior Printing Ink as Western regional
sales manager
 n

 n

 sale n
.

“Ink Makers, Inc. has good people and many good customers, and
they will help us expand our reach in the Southern California
market,” said Mr. La Rocca. “The company will be moved into
our current operations in Commerce, a state-of-the-art plant we built
four years ago.”

Raw materials continue to be a concern for ink manufacturers, and
while prices seemed to stabilize in the latter part of 201 I, supply
still remains an issue.

“Raw material costs and supply remained unstable through most
of 2011,” Mr. La Rocca noted. “Costs stabilized during the
last quarter of 2011. However, supply of some items still remains a
concern.”

Superior Printing Ink made some key capital improvements during the
past year.

“We added automated flexo ink filling equipment during the
last quarter of 2011,” Mr. La Rocca said. “We expect delivery
of a state-of-the-art cartridge filling packaging equipment in the first
quarter of 2012.”

Mr. La Rocca believes that economic stability is the key to growth
in printing during the coming year.

“Stability in the economy will generate a modest increase in
print sales using traditional print methods during 2012,” Mr. La
Rocca said. “Digital and inkjet technologies will continue to find
more applications and secure a larger piece of the print market in 2012
and beyond.”

15 VAN SON HOLLAND INK

888 Veterans Highway, Suite 440

Hauppauge, NY 11788

Phone: (631) 715-7000

Fax: (631) 715-7026

www.vansonink.com

Sales: $60 million (Ink World estimate)

Major Products: Conventional offset, waterless offset, duplicator
and inkjet inks.

Key Personnel: Joe Bendowski, CEO; John Sammis, president; John
Bendowski. vice president; Ken Ferguson, technical director.

Number of Employees: 100.

Operating Facilities: Headquarters and manufacturing in Islandia,
NY, a central distribution center in Chicago and blending facilities in
Miami, FL, and
Los Angeles
 , city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850.
, CA.

Comments: A subsidiary of The Netherlands-based Royal Dutch
Printing Ink Factories Van Son, Van Son Holland Inks core market is
commercial sheetfed ink. The company utilizes a strong distribution
network, and has recently made a move into Latin America through its new
Miami, FL blending facility.

The Vs series of sheetfed inks has become one of Van Son Holland
Ink s main products, and the company continues to offer new variations
of the ink. In 2011, Van Son introduced its Vs 10 series packaging ink
for the folding carton market-Van Son has also been developing inkjet
inks in recent years, and in 2011, the company launched its new line of
Premium Wide Format
Ink jet

 inks for Epson, Mimaki, Mutoh and Roland
printers.

In personnel news, Van Son Holland Ink announced the promotion of
James Thoele to managing director, technical services.

19 COLOR RESOLUTIONS INTERNATIONAL

575 Quality Blvd.

Fairfield, OH 45014

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

Fax: (513) 552-7141

www.colorresolutions.com

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; Rick
Gray, VP finance/CFO;John Edelbrock, VP of operations; Paul Fulton, VP
of strategic accounts; Joe Schlinkert, director of technology; Hixon
Boyd, VP, field operations, U.S. Southern Region; Dave Barker, VP, field
operations, Northern Region/West Coast; Jim Distler, VP, specialty
products.

Number of Employees: 127.

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

Comments: The packaging ink market has been a strong area for ink
manufacturers, and Color Resolutions International (
CRI

), a water-based
and UV packaging ink specialist, enjoyed double-digit sales growth in
2011.

“We were blessed to have a very good year in 2011,” said
George Siekingen CRI’s president and CEO. “Our sales and
income increase were in the double digits. The packaging market has been
robust, and we have benefited from the demand from CPC’s for better
printing and more creative designs and the printers’ need to
improve press productivity and quality. The demand for change has always
spelled opportunity for us”

While Color Resolutions originally focused its efforts on the
corrugated marketplace, the company has successfully branched out into
the label and flexible packaging segments, among others, and has also
extended its geographic reach into Mexico and Latin America.

“Shrink sleeves and labels are growing market niches, along
with flexible packaging as a whole,” Mr. Sickinger noted.
“Paper packaging has a much lower growth rate, but there are growth
opportunities within it. Mexico and Latin America represent very good
growth opportunities, ”

Mr. Sickinger noted that he has seen some stabilization in raw
materials.

“Raw material costs have stabilized partially because we are
doing everything possible not to accept increases, and I believe global
demand has abated somewhat,” he said. “Our customers have been
pushing back on price increases all through the recession, so getting
the much needed prices increases lamely did not happen. TiG2 has been a
special problem, but we have been getting what we need by working
closely with the supply chain and customers alike.”

CRI continues to emphasize investments in its operations and its
personnel.

“We have continued to make smaller capital improvements to our
central plant in Ohio to further automate material handling and quality
control” Mr. Sickinger noted. “We have upgraded most of our
in-plants operations to provide more graphic services. Our R&D
activity has been expanded to provide formulation for the new equipment
coming on line at our customers’ plants. We continue to recruit and
train technical service staff to service our growing business.”

Mr. Sickinger spoke of the importance of providing excellent
technical service to customers.

“I don’t believe the dollars spent on packaging has
increased much,” Mr. Sickinger said. “However, the demand for
color and improved color application has. Ink continues to be unique in
that a press’s impression of an ink represents a diagnostic cool
from which to make improvements to the whole printing process. This
ability is what makes the qualified ink technician so vital to our
customers.’

As a result, Color Resolutions has made its mark by providing
excellent quality and service to its core markets, and Mr. Sickinger
believes these strengths will continue to key CRT’s growth.

“I expect 2012 and beyond to be good, with further growth for
CRI in the areas that we have differentiated ourselves from our
competition.” Mr. Sickinger concluded.

19 INK SYSTEMS, INC.

2311 South Eastern

Ave.

Commerce, CA

90040

Phone: (323) 720-4000

Fax: (323) 721-6000

www.inksystemsinc.com

INK SYSTEMS INC

Sales: $55 million.

Major Products: Heatset, sheetfed and UV inks.

Key Personnel: Urban S. Hirsch 111. ex-president; Tim Van Scoy, VP
of sales and marketing; Peter Notti, another VP; Masood Solaimani. VP
UV/EB

Number of Employees: 250.

Operating Facilities: Commerce, CA; technical service centers in
Portland, OR; Salt Lake City, UT; Seattle, WA; Orange County, CA;
Minneapolis, MN; Carlsbad, CA;
Lincoln Park
 city (1990 pop. 41,832), Wayne co., SE Mich., a suburb adjacent to Detroit, on the Detroit River; inc. 1921. It is a residential community in an area marked by a significant decline in industry.
, NJ; Boston, MA.

Comments: For printers, particularly in the sheetfed commercial and
packaging markets, service is a critical component in selecting an ink
supplier. This is ideal for Ink Systems, Inc., a Commerce, CA-based
sheetfed, heatset and UV ink specialist that has made service its
calling card throughout its history.

Led by Urban Hirsch III, Ink Systems has virtually perfected the
high-tech in-plant systems approach. They provide state-of-the-art
equipment, high-quality ink systems and proprietary software run by
experienced ink technicians. Despite the difficulties faced in the
offset ink market, the company held its own in 2011.

“Overall, it’s been a decent year, and we didn’t
lose money,” said Mr. Hirsch, Ink Systems’ ex-president.
“Our technical centers are growing, as is our UV division. I
don’t have optimistic feelings about the next year, because there
is still too much capacity in the ink industry.”

While other ink manufacturers have looked to save money by reducing
service, Ink Systems continues to emphasize that portion of its business
by adding technical centers throughout the U.S.

“We opened up more technical centers during the past year, and
are putting one in Boston now,” Mr. Hirsch noted. “These are
free standing service centers set up to service and sell to multiple
accounts, primarily medium-sized print shops, and are run by Ink
Systems-trained personnel.”

19 SENSIENT IMAGING TECHNOLOGIES

2724 Luker Avenue West Carlsbad, CA 92010

Phone: (760) 930-1600

Fax: (760) 930-1603

Email: info@sensientinkjet.com

www.sensicntinkjet.com

SENSIENT

Sales: $55 million in inkjet inks;$ 1.33 billion (overall)

Key Personnel:
Kenneth Manning

, chairman, president and CEO; John
Collopy, VP and treasurer;
Christopher Daniels

, VP,
human resources

;

John Hammond

,
SVR

 general counsel and secretary; Richard Hobbs, SVP and
CFO;
Paul Manning

, president, Colors Group.

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.

Locations: Escondido and Carlsbad, CA; Tiajuana, Mexico; Badalona,
Spain; Norfolk, UK, Morges, Switzerland; Bitterfeld-Wolfen, Germany.

Comments: A worldwide leader in inkjet and colorant technology,
Sensient Technologies is 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 2010, Sensient achieved record revenue of $1.33 billion and
record earnings of $107.1 million. The largest division, the Flavors
& Fragrances Group, accounted for $809.1 million in sales in 2010,
an increase of 4.7%. Inkjet inks and colors account for 12% of the
Colors
Group sales

The distribution of a new security issue to institutional clients.
 for Sensient, which increased 19.4% in 2010 to $447.5
million from $374.8 million in 2009.

In particular, Sensient’s Formulabs and SensiJet desktop
inkjet ink sales are strong.The company has developed positions at the
leading OEM desktop printers, and has formulated more than 150 ink sets
for the market. The company also has developed inks for wide format and
textile markets, including its ElvaJet pigmented inks for polyester.

In late 2011, Sensient Technologies announced that it is investing
$22 million in its capabilities and production of textile and industrial
inkjet inks at its facilities in Morges, Switzerland.

“With this investment, we are continuing to secure our
leadership position not only in digital inks, but also in the global
industrial ink market,” said Kenneth P. Manning, chairman,
president and CEO of Sensient Technologies. “We see a significant
opportunity to grow our digital inks business and to meet the long-term
needs of our customers. Our investments ensure that we will remain in
the forefront of the industry with cutting-edge technologies and
state-of-the-art facilities.”

By DAVID SAVASTANO EDITOR DAVE@RODPUB.COM