Magna Colours was purchased for $48 million

Magna Colours, a UK maker of water-based inks, has been acquired by Avient Corporation for £34.9 million (US$48 million).

Avient’s range of sustainable materials solutions includes brands such as Wilflex and Rutland.

Magna has partnered with Avient, the world’s largest producer of water-based inks, to create new products. Magna wants to strengthen its position in the textiles sector while expanding its footprint in the industry. Avient is anticipated to generate $4.3 billion in sales this year, thanks to a robust portfolio of brands that cater to the growing demand for more sustainable technology.