STAMFORD, CT—Cenveo Inc. withdrew from the bidding process for National Envelope (NEC), which was sold at auction Tuesday to Gores Group for $208 million, according to Crain's New York Business. Sun Capital Partners of Boca Raton, FL, was among the other bidders.
Robert G. Burton, Sr., Chairman and CEO of Cenveo, stated the parties "...were requiring significantly more in cash and guarantees from Cenveo than from the other bidders...Under those circumstances, Cenveo had no interest in acquiring these assets."
Net sales increased approximately 12% to $445.3 million in the second quarter and operating income totaled $19.4 million, compared to an operating loss of $5.5 million in the second quarter of 2009.
Cenveo Inc. has found a new home for two of its Missouri facilities, according to the St. Louis Business Journal. A 220,000-square-foot plant in Eureka, MO, that formerly housed an automotive supplier will replace Cenveo plants in Sunset Hills and Crestwood.
Binding and finishing news from Printing Impressions' August 2010 edition, featuring items on GMS Industries, Johnson Printing Service, Bridgeport National Bindery, Shweiki Media and Sheridan Books.
EUREKA, MO—Cenveo Inc. has found a new home for two of its Missouri facilities, according to the St. Louis Business Journal. A 220,000-square-foot plant in Eureka, MO, that formerly housed an automotive supplier will replace Cenveo plants in Sunset Hills and Crestwood.
It will combine its two separate sheetfed and web printing facilities into a 220,000 square-foot facility, allowing room to add new equipment.
STAMFORD, CT—Cenveo has submitted a filing to the U.S. Bankruptcy Court, District of Delaware, seeking help with its bid to acquire National Envelope Corp. (NEC). The company reportedly made a $140 million takeover offering for NEC before the envelope manufacturer and its affiliates filed for Chapter 11 protection on June 10.
Cenveo Corp., a specialty printing and envelope maker, is trying to buy competitor National Envelope Corp. out of bankruptcy for $140 million, according to court papers filed today.
Cenveo asked U.S. Bankruptcy Judge Peter Walsh in Wilmington, Delaware, to force NEC to release a copy of an alleged agreement with private equity investors that prevents NEC officials from seeking competing offers. NEC said in court documents that it signed a letter of intent on June 4 to sell itself to the private equity firm Gores Group LLC.
Standard Finishing Systems has brought feeding and finishing efficiency to several new customers, including Cadmus-Cenveo, Total Printing Systems and Integrity Graphics.
