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
The world number one has been beaten by Ding Junhui in the world snooker Shanghai Masters.
West Midlands Police has binned thousands of playing cards after an advert was mistakenly printed alongside crime advice aimed at children.
A pedestrian has been seriously injured in a non-stop collision in Birmingham in the early hours of this morning.