UPFRONT
Tanagraphics, Seybert Merge
NEW YORK CITY—Tanagraphics Inc. and Seybert Nicholas Printing Group have signed a definitive merger agreement to form what they claim to be the largest privately held company providing print management solutions in the Big Apple. The new company will be called TanaSeybert and will offer commercial and digital printing, advertising prepress services, bindery and mailing services. TanaSeybert will also offer a full range of integrated Web- and browser-based services. Harris DeWese, chairman of Compass Capital Partners, served as financial advisor for the transaction.
Baldwin, technotrans Deal Nixed
SHELTON, CT—Baldwin Technology has notified technotrans AG that it will no longer pursue the transaction announced in December. The companies had drawn up a letter of intent that would have seen technotrans acquire Baldwin Technology.
Quebecor World Wins Contract
MONTREAL—Quebecor World has reached an agreement with ALLTEL Publishing to print nearly 150 white and yellow page directory titles for distribution in 37 states. ALLTEL is a new client for Quebecor World. The directories will be produced at Quebecor World facilities in Waukee, IA; Hazleton, PA; Loveland, CO; and Edmonton, Alberta. In other news, the company also announced significant improvements to its book services digital printing platform by upgrading systems and redeploying existing assets. Four high speed, high resolution IBM 4100HD systems for black text will be installed at Quebecor World facilities in Leominster, MA, and Dubuque, IA.
RRD Opts for KBA Gravure Press
LANCASTER, PA—RR Donnelley, of Chicago, is slated to install a Koenig & Bauer (KBA) TR8B rotogravure press in its facility here. The new press will be housed in a hall designed to hold two TR8B presses. Production will start in the summer of 2005.
Schumann Orders Sunday 2000
FALL RIVER, WI—Schumann Printers will highlight a $15 million expansion initiative with the installation of a Heidelberg Sunday press this summer. The press is an eight-unit, two-web Sunday 2000 equipped with Autoplate automatic plate changers, automated presetting capabilities and closed-loop color controls.
Quad Facility Honored by Time
THE ROCK, GA—Quad/Graphics notched its fifth consecutive "Printer of the Year" award from Time Inc. for its print production work here. It was the second straight nod for its facility based in The Rock, GA. Quad's Saratoga Springs, NY, plant earned top printer honors in 1999, 2000 and 2001. Quad also produces Time Inc. work at two Wisconsin facilities: Hartford and Lomira. In other company news, Quad/Graphics has inked a five-year, $16 million contract from BusinessWeek to produce 330,000 copies of the business publication per week from its Hartford, WI, facility for distribution throughout the Midwest.
Moore Wallace Suspends CFO
MISSISSAUGA, ONTARIO—Moore Wallace suspended Mark Hiltwein, its executive vice president and chief financial officer and has named James Sulat its interim CFO. The suspension results from actions Hiltwein took in providing a misdated document to PricewaterhouseCoopers in connection with an investigation they were conducting. The investigation focused on allegations in an anonymous letter received by Moore Wallace late last year, alleging misuse of acquisition-related restructuring charges, as well as vague assertions of other accounting actions. PricewaterhouseCoopers concluded its investigation and found no evidence to support the allegations.
Creo Acquires U.S. Plate Facility
VANCOUVER, BRITISH COLUMBIA—Creo Inc. has acquired the assets and working capital of printing plate manufacturer Spectratech International of Middleway, WV, for $19.3 million. Spectratech is a wholly owned subsidiary of Southern Lithoplate, located in Wake Forest, NC.
Mail-Well Issues Long-term Notes
ENGLEWOOD, CO—Mail-Well Inc. has priced its $320 million in aggregate principal amount of senior subordinated notes due 2013 to qualified institutional buyers. The notes will bear interest at a rate of 77⁄8 percent per year.
EFI Switches Name to Acronym
DUSSELDORF, GERMANY—Digital imaging and print management solutions provider Electronics for Imaging (EFI) is consolidating its products and services portfolio under the EFI brand name. Along with shortening the Electronics for Imaging name to EFI, the company is unveiling a redesign of its logo with the new tagline "Essential to Print." The announcement came as EFI was outlining its plans for the upcoming Drupa. In other business, EFI has reached an accord to acquire ADS Communications, a leading provider of service automation software for the office equipment industry, for $11.5 million in an all-cash transaction that was slated for completion by the end of February.
Cadmus Refinances Its Debt
RICHMOND, VA—Cadmus Communications announced the successful completion of the refinancing of its bank credit facility, which was to mature on March 31, 2004. The senior secured bank credit facility provides for a $100 million revolving credit facility that will mature in January of 2008. The facility bolsters Cadmus' ability to execute growth strategies by revising certain leverage covenants and permitting greater flexibility for the company to make acquisitions and repay or refinance subordinated debt.
Tribune Subsidiary Installs Press
IRWINGDALE, CA—California Community News (CCN), a wholly owned subsidiary of Tribune Co., has installed an eight-unit Muller Martini A68 variable size web press. CCN inserts preprinted ads produced on the press into the daily and Sunday editions of the Los Angeles Times.
