The companies received notification from the Federal Trade Commission that its investigation of RR Donnelley's proposed acquisition of Bowne has been closed and that no additional action by the FTC is warranted at this time. Pending notification by the FTC that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the proposed acquisition has been terminated,
Commercial printer news from Printing Impressions' May 2010 edition.
NEW YORK—New York University named David J. Shea, chairman and CEO of Bowne & Co., the winner of the 2010 Prism Award. The honor is presented annually in recognition of distinguished leadership in the graphic communications media industry.
New York University has named David J. Shea, Chairman and CEO of Bowne & Co., the winner of the 2010 Prism Award. The award is given in recognition of distinguished leadership in the graphic communications media industry.
Donnelley has agreed to fork over roughly $481 million, or $11.50 a share, to obtain financial printer Bowne & Co.
Bowne, headquartered in New York, had revenues of approximately $675 million during 2009. The agreement has been approved by the Boards of Directors of both companies.
Fourth quarter 2009 revenue of $169 million increased 8% over the comparable period of 2008 and its gross profit improved by $15.1 million to $57.2 million.
The salary excesses in the financial/investment banking world that fueled widespread public outrage, however, won't be found among the earnings of principal officers at the largest publicly held printing companies.
With a sharp year-over-year decline in revenues and profit due to difficult capital markets, Bowne & Co. announced it will reduce its workforce by 10 percent to provide cost savings of $21 million to $23 million. The cuts bring Bowne’s total to 1,000 lost jobs in 2008, representing 24 percent of its workforce.
IF THIS magazine chose to hand out an award for the biggest newsmaker of the year, the 2008 honor would go to Quebecor World (QW), hands down. One might contend that the attention, while merited, is not the type of exposure a company would want: Financing issues, trying to sell an unprofitable venture and muddling through with bankruptcy in two countries. But Quebecor World is a printer for our economic times, the No. 2 in North America at a time when market leaders (Circuit City, AIG, Lehman Bros.) have come crashing down.
