X-Rite, Inc., a provider of color solutions for measuring, formulating, matching and simulating color, has entered into a definitive agreement to purchase Pantone, Inc. for $180 million. The deal is expected to close in the fall of 2007.
Pantone, Inc., headquartered in Carlstadt, NJ, is an authority on color inspiration for the design world with the Pantone Matching System, a system for identifying, matching and communicating colors to solve color reproduction problems in the graphic arts market. Pantone has expanded its color matching system to other industries where accurate color reproductions are critical, including digital technology, fashion, home, plastics, architecture and contract interiors, and paint.
Pantone generated revenue of approximately $42 million in 2006. Pantone sells its products, services and technology directly, and through hundreds of licensees in over 100 countries in the graphic arts, fashion, home, interior, plastics, architectural paint, industrial design and consumer markets.
"Larry Herbert and his team have built Pantone into a very successful business and we are delighted that it will now be part of the X-Rite family," said Tom Vacchiano, CEO of X-Rite. "This iconic brand is the perfect complement to X-Rite's business bringing Pantone's expertise and market position in color communication and standards to our color solutions product offerings."
Pantone will become a new business unit within X-Rite. Current Pantone leaders will continue to play key roles in the organization.