454 people work at Covpress but Mr You told ITV News he plans to take on more.
"Our plans are to grow our business through increasing our international profile and penetration into other old markets. The acquisition of Covpress is an important move for us in our overall strategy. We are the equivalent of Michelin in China. We believe this deal represents two strong companies joining together in a win-win situation."
More top news
Warwickshire Police are dealing with an ongoing incident at Bermuda Park in Nuneaton, amid reports of a hostage situation.
More than 7,000 poppies have been knitted in Mansfield ahead of the town's Remembrance Day parade.
A homeless charity, set up by police officers, has been given the Queen’s Award for Voluntary Service - the voluntary equivalent to an MBE.