EXHIBIT 99.1
(BALDWIN(R) LOGO)
Baldwin Technology Company, Inc. Contact Information
2 Trap Falls Rd. Vijay C. Tharani
Shelton, CT 06484 (203) 402-1002
BALDWIN TO ACQUIRE OXY-DRY
SHELTON, CT, OCTOBER 4, 2006 -- Baldwin Technology Company, Inc. (AMEX: BLD) a
global leader in accessories and controls technology for the printing industry,
announced today that it has signed a definitive agreement to acquire Oxy-Dry
Corporation. The acquisition is expected to close within 30 days subject to
customary closing conditions.
Oxy-Dry Corporation, a privately held company with annual sales of approximately
$38,000,000, produces accessories and controls for the printing industry. The
company has a worldwide customer base with products installed in the sheetfed,
commercial web, packaging and newspaper markets. Oxy-Dry's primary manufacturing
operations are concentrated in Itasca, Illinois and Egelsbach, Germany.
Baldwin Chairman and CEO Gerald A. Nathe said, "The acquisition of Oxy-Dry is an
important step in the continuing process of building Baldwin's presence in its
core market segment of accessories and controls. Oxy-Dry is a well-known and
well-respected name in the industry, particularly with its brush blanket
cleaning technology. We are pleased to have Oxy-Dry become a part of Baldwin
Technology."
Ed McLouglin, Oxy-Dry's Chairman, President and CEO, added, "Oxy-Dry has been
serving the print industry for over 65 years and has a well-earned reputation
for excellence with its global customer base. I am pleased to have Baldwin
acquire Oxy-Dry because the fit is excellent and Baldwin and Oxy-Dry have
similar commitments to customer service, product innovation and the printing
industry."
Karl Puehringer, President and COO of Baldwin, also noted, "The acquisition of
Oxy-Dry by Baldwin represents a great opportunity to combine Oxy-Dry's
technology with Baldwin's and to utilize our Asian presence to expand the
distribution of Oxy-Dry products. Oxy-Dry's brush technology further strengthens
Baldwin's position as a full solution provider for cleaning applications in the
offset printing market, particularly in the newspaper and commercial web
marketplace. We will be able to better serve our combined customer base with
this broader range of Baldwin and Oxy-Dry products."
ABOUT BALDWIN
Baldwin Technology Company, Inc. is a leading international supplier of offset
printing press accessories and controls for the newspaper publishing and
commercial printing industries. Baldwin offers its customers a broad range of
market-leading technologies, products and systems that enhance the quality of
printed products and improve the economic and environmental efficiency of
printing presses. Headquartered in Shelton, Ct., the company has sales and
service centers, product development and manufacturing operations in the
Americas, Asia and Europe.
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Baldwin's technology and products include cleaning systems, fluid management and
ink control systems, web press protection systems and drying systems. For more
information, visit http://www.baldwintech.com.
Investors may contact Baldwin Chief Financial Officer Vijay Tharani at (203)
402-1002 or Frank Hawkins or Julie Marshall at (305) 451-1888 or e-mail
info@hawkassociates.com. For an online investment kit, visit
http://www.hawkassociates.com. An investment profile about Baldwin Technology
may be found at http://www.hawkassociates.com/bldprofile.aspx.
Cautionary Statement: This release may contain statements regarding expected
future order, backlog and sales rates, operating margins and profitability or
other statements, which may constitute "forward-looking" information as defined
in the Private Securities Litigation Reform Act of 1995 or by the Securities and
Exchange Commission. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and actual results may
differ. See Item 1A "Risk Factors" and Exhibit 99 to the company's Form 10-K
Report for the fiscal year ended June 30, 2006.
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