TMCnet News
Cenveo Acquires Valco Graphics in Seattle; Expands Footprint of Services in Northwest ENGLEWOOD, Colo. --(Business Wire)-- July 2, 2004 -- Cenveo(TM) Inc., (NYSE:CVO) one of North America's leading providers of visual communications services, today announced the acquisition of Valco Graphics Inc., a high-quality web and sheetfed printer of promotional, direct marketing and publishing products in the Seattle, Washington, market with annual sales of approximately $18 million. Cenveo also announced that it will combine its existing Seattle commercial printing facility with the Valco facility, significantly expanding its presence in Seattle."The purchase of Valco Graphics is a key step to expanding our commitment to customers in the Northwest by providing ready access to a more complete offering of products and services," said Paul Reilly, Cenveo's chairman, president and CEO. Cenveo plans to install two 40-inch, six- and eight-color sheetfed presses at the former Valco location to increase current capabilities available to customers. The current Cenveo facility's workforce in Seattle will be absorbed into this location by year-end. The combined operation will have about 145 employees and operate under the name "Cenveo." "Cenveo's strategy for growth is aligned with our own," says Bob Valentine, the former president of Valco and a leader of the transition team. "Our customers will definitely be better off than ever before because of the ability to tap into the vast resources that Cenveo offers them," he says. About Cenveo Cenveo, Inc. (NYSE: CVO), www.cenveo.com, is one of North America's leading providers of visual communications with one-stop services from design through fulfillment. The company is uniquely positioned to serve both direct customers through its commercial segment, and distributors and resellers of printed office products through its Quality Park resale segment. The company's broad portfolio of services and products include e-services, envelopes, offset and digital printing, labels and business documents. Cenveo currently has approximately 10,000 employees and more than 80 production locations plus five advanced fulfillment and distribution centers throughout North America. In early 2004, Cenveo was voted second place in the printing and publishing category as Fortune Magazine's Most Admired Companies and ranked number five of the Russell 3000 companies on Corporate Governance Quotients by Institutional Shareholder Services. The company is headquartered in Englewood, Colorado. Cenveo and Vision Delivered are either trademarks or registered trademarks of Cenveo, Inc. In this prepared release, management may make forward-looking statements. It should be understood that all such statements are subject to various uncertainties and risks that could affect their outcome. Factors which could cause or contribute to such differences include, but are not limited to; the ability to execute strategic initiatives, economic conditions, product demand and sales, ability to obtain assumed productivity and cost savings, interest rates, foreign currency exchange rates, paper and raw material costs and the ability to pass them through to customers, waste paper prices, postage rates, union relations, competition, and competitors' actions, availability of financing, and changes in the direct mail industry. Please refer to the company's 10-K, 10-Q and other SEC filings for a more detailed discussion of the risks. None of management's statements in this release will constitute an offer to sell or a solicitation of an offer to buy Cenveo securities. |
