Hero

News Release


Disposition on Non-core Business Segment
March 20, 2008

Vancouver, B.C. - Press Release

VANCOUVER March 20, 2008 – I.C.T.C. Holdings Corporation (“ICTC”), wishes to announce that its HERO Products Group (“HERO”) has sold its non-core airless paint sprayer business to Graco Inc., of Minneapolis MN. HERO will gradually phase out sales over the coming months. Thereafter, HERO shall support its loyal airless customer base with parts and warranty obligations, to meet their life cycle expectations.

 
This divestiture enables HERO to focus on its core business. Since HERO’s introduction into the dispensing business in 1977, and more recently since the development of the HERO 2000 Series colorant dispenser, HERO has been gaining strength in the capital goods segment of color delivery globally. HERO acquired Highland Laboratories in 2005, a full line manufacturer of paint mixers, shakers and dispensing equipment. Early last year, HERO acquired a similar company in India, formed a Joint Venture in China, and in May 2007, acquired a high tech producer of in-plant and automated Point of Sale dispensing devices, located in Turin Italy. The combination of these strategic moves was done to leverage HERO’s strong global customer base and to become a provider of a full line of dispensing and mixing equipment. HERO is one of the world’s three largest suppliers to this market segment.
 
About ICTC
The HERO Products Group of ICTC Holdings Corporation, with its head office in Canada, is a 39-year old company primarily engaged in the design, development, manufacture and distribution of tinting and mixing equipment for the paint and coatings industry. It has representation in most countries of the world and manufacturing, together with sales and marketing operations in: Vancouver, Canada; Turin, Italy; Mumbai, India; and Guangzhou; China. The product lines include colorant dispensing and mixing equipment for point of sale, in-plant production equipment and automotive refinish.
 
For further information please contact:
Steve Balmer
President and COO
sbalmer@hero.ca

 

HERO an I.C.T.C. company

HERO Products Group
India Office and Factory

HERO Products India Pvt.Ltd.
 P1 & P2, Shree Rajlaxmi Hi-Tech Textile Park,
Sonale Village, Taluka Bhiwandi,
Dist Thane - 421 302, Maharashtra, INDIA
Visit us: www.hero.ca