Arvato acquires Gruner + Jahr’s stake in Prinovis

Gruner + Jahr AG & Co. KG has transferred its entire 37.45-percent stake in the Prinovis Ltd. & Co. KG gravure joint venture to Arvato, another Bertelsmann division. Arvato AG now owns 74.9 percent in Prinovis, while Axel Springer AG continues to hold 25.1 percent.

Achim Twardy, Chief Financial Officer of Gruner + Jahr AG and President of Corporate Services, which includes the company’s print and magazine holdings, said: “I would first of all like to thank the Prinovis management and staff, as well as our JV partners Arvato and Axel Springer, for six years of cooperation that was always professional and conducted in a spirit of partnership. G+J’s divestment of its shareholding changes nothing about our excellent and successful business relationship with Prinovis. We greatly value Prinovis’s efficiency and quality and will continue our collaboration on the printing of various German and international G+J titles long-term.”

Arvato AG CEO Rolf Buch commented: “By taking over the majority of shares in Prinovis, we strengthen the networking of our integrated solutions related to the production of printed products. At the same time we simplify Prinovis’s management structure. I thank the Gruner + Jahr management for our excellent cooperation in the past few years and look forward to systematically advancing the printing group’s business together with our partner Axel Springer and the entire Prinovis team.”