TORONTO—Fraser Papers has taken Valassis Communications to court, seeking payment for 1.8 million pounds of specialty paper manufactured at Fraser's Madawaska, ME, plant and shipped to a Valassis facility in North Carolina, according to the Bangor Daily News. The breach-of-contract suit seeks $933,000 for paper delivered this past spring. Fraser also seeks costs and prejudgment interest. A Valassis spokesperson could not be immediately reached for comment.
LIVONIA, MI—Valassis has sold three company-owned buildings in Windsor, CT, and is leasing back two of them under long-term lease agreements. The deal generated net cash proceeds of approximately $29 million that will be used to repay a portion of the company’s long-term debts. Valassis sold its buildings at Ten Targeting Centre, One Targeting Centre…
LIVONIA, MI—Marketing services specialist Valassis and Alan Schultz, the company’s chairman, president and CEO, have agreed to a three-year employment contract extension. Schultz’s previous contract was set to expire on December 31, 2008.Under the new agreement, he will continue to lead Valassis through January 2012. Schultz came to Valassis in 1984 following a tenure at…
LIVONIA, MI—Marketing services specialist Valassis and Alan Schultz, the company’s chairman, president and CEO, have agreed to a three-year employment extension. Schultz’s previous contract was set to expire on Dec. 31, 2008, and under the new agreement, he will continue to lead Valassis through January 2012.
LIVONIA, MI—July 20th, 2007—Valassis (NYSE: VCI) announced today that it will install a new Goss Sunday 2000 web press at its Anderson Printing Division (APD) in September 2007. The 24-page gapless press will print up to 77,600 impressions per hour and will be used primarily to produce versioned runs for the company’s shared mail products. “We need a high-productivity press that is also agile enough to excel in a makeready intensive environment,” said Aaron Trager, senior vice president, APD. “The Sunday 2000 technology will give us that key combination.” The new four-unit Sunday press at Valassis will be equipped with a Goss Contiweb CS splicer, an
STAMFORD, CT—Cenveo Inc., located here, has completed its acquisition of Richmond, VA-based Cadmus Communictions. Cenveo paid $430 million, or $24.75 per share.The Valassis acquisition of ADVO Inc. for $1.2 billion, or $33.02 per share, has also been completed. Domtar Inc., meanwhile, completed its deal for Weyerhaeuser Co.’s fine paper business. The combination created Domtar Corp.,…
WILMINGTON, DE—The summer romance that led to the acquisition of Windsor, CT-based ADVO by Valassis Communications of Livonia, MI, has officially turned ugly as the two sides battle it out in Chancery Court. The trial, which began Monday, kicked off with Valassis CEO Alan Schultz testifying that ADVO withheld and fabricated information about its finances prior to agreeing to merge with Valassis, The Associated Press reported. Valassis is trying to get out of the $1.3 billion deal. ADVO is counter-suing, claiming Valassis has buyer’s remorse and is trying to drive down the purchase price. On Thursday, a valuation expert testified on behalf of
THE 2006 printing industry campaign provided more than enough ‘oohs’ and ‘aahs’ to keep followers on the edge of their seats, including a summer blockbuster takeover attempt of Banta Corp. by Bob Burton and Cenveo Inc. And the subject of postal reform, which has festered for years without a resolution, appeared on the brink of falling to pieces at the last minute. The M&A train seemed to pick up speed in 2006, though some parties managed to botch the due diligence aspect and instead land in court. Reorganization was in the air (unfortunately, so were job losses) and some of the biggest names in
Printing Impressions 400
WINDSOR, CT—Perhaps Harris DeWese, investment banker and M&A advisor to the printing industry, should teach a class on transactional etiquette. Two prime candidates for such a seminar—once poised to cap a monster, 10-figure deal—are slugging it out in public with the decorum of a high school romance gone sour. Despite the announcement that Valassis Communications was suing ADVO Inc. to rescind its $1.3 billion merger agreement, ADVO shareholders voted in favor on September 13 to adopt the merger agreement. ADVO also leveled a counter-suit against its would-be future partner. The suit asks the court to make Valassis stick to the July 5 merger agreement, seeks
