Toshio Kikuchi, president of Japan-based Kikuchi Color & Chemicals Corp. (KCC) and Mike Klein, president of Toronto, Ontario, Canada-based Dominion Colour Corp. (DCC), announced the completion of the sale of DCC to a management buyout team of DCC led by Klein.
The transaction, effective March 25, 2008, encompasses DCC and all DCC subsidiary companies. Klein along with Jack Nelligan, Bob Ralph and Mark Vincent, who will all continue as senior executives of DCC in their current positions, are the new owners of DCC.
KCC and the MBO team have agreed that the timing is now right for the executive team of DCC and its subsidiaries to implement its own vision of providing color to the world with the support of, but, independently of KCC.
The change in ownership will have no adverse impact on DCC and its subsidiaries. All DCC operating divisions and subsidiaries will remain in tact and there will be no changes in the organization as a result of the change in control of DCC.