Kornit Digital To Build $17.4 Million Eco-Friendly Digital Ink Factory
The factory will produce the Kornit’s NeoPigment™ inks for use on the company's extensive range of Digital Textile Printers.
Kornit’s NeoPigment™ inks are absolutely free of heavy metals, formaldehyde and Alkylphenol Ethoxylates (APE), making them non-hazardous, non-toxic and biodegradable. As part of their waterless printing system, their biodegradable ink and energy saving process makes Kornit an eco-friendly printing solution
Several months ago, Kornit Digital CEO Ronen Samuel set an ambitious target for the company of $500 million in annual revenue, compared with its $142 million in 2018.
In order to achieve this vision, the company is now expanding its activity in Israel.
Sources inform that Kornit Digital is building a new factory in Kiryat Gat, a city associated mainly with chip giant Intel's fabs, at an estimated investment of $17.4 million.
Kornit Digital manufactures digital printing systems for printing on textiles. Its share price has risen 15% this year, pushing its market cap up to $751 million.
The new plant in Kiryat Gat will produce the ink for the company's systems.
Kornit Digital expects it also to provide infrastructure for its future growth.
At the conclusion of the cornerstone ceremony for the factory today, Kornit Digital CEO Ronen Samuel said, "One of the aggressive targets we have set for ourselves is to reach $500 million in sales within five years.
The ink factory is an important factor that will enable us to reach this target and continue our growth by supporting and achieving production of future technological developments.”