Heidelberg has sold its coatings division, Hi-Tech Coatings, for a reported €38.5m ($70m) and the press giant expects the transaction to generate non-recurring income of around €20m.

The purchaser, US-based Innovative Chemical Products Group’s (ICP Group) Industrial Solutions Group (ISG) division, supplies packaging, labelling, and specialty clear coatings. Doug Mattscheck, chief executive at ICP Group, says, ““We’re looking forward to providing Heidelberg and Hi-Tech Coatings’ customers with exceptional service, an expanded product offering, and an expanded commitment to innovation and growth going forward.”

Heidelberg says that Hi-Tech Coatings develops and produces over 1,000 environmentally compatible products and formulations, primarily water-based and UV-based coatings for the packaging, labelling, and printing industries.

The sale forms part of Heidelberg’s strategy to focus on core activities, portfolio adjustments and its digital transformation. The company says the transaction has also established a strategic partnership between Heidelberg and ICP Group to ensure Heidelberg’s future sales of its coating portfolio to its customers.

Rainer Hundsdörfer, chief executive at Heidelberg, says, “We will use the funds released as a result to push ahead with strategic investments for the future on the path to our digital transformation.”

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