By Bob OdenkirkBy Bob OenkokBy Bob OstensBy Bob OsensBy Sam KestenBy Bob KestensBy Tim MosenfelderBy Sam KoenigBy Sam OsensThe world’s most popular cartridge company has added another $3.5 billion to its portfolio.
CartridgeWorld said it would buy a majority stake in the UK’s Cartridgeworld Group in a deal valued at $3 billion.
The new entity will have more than 10 million cartridges, making it the world’s largest manufacturer of cartridges, along with the US-based Reynolds American, the UK-based Osprey, and the French company F-Bampière.
It’s a big move for Cartridgewisdom, which has struggled to grow in the U.S. and in the last few years is struggling to compete with rivals like Cartridgemaker, a company that was founded in 1997.
Cartridgeworld’s stock rose more than 9% to $2.98, up from $1.90 earlier in the day.
The company said in a statement that it would “invest to accelerate our growth” and “reward the world for its support.”