Cenveo Swings Deals for MWV’s Envelope Products, Impaxx Inc.January 2011
STAMFORD, CT—MeadWestvaco Corp. (MWV) has agreed to sell its Envelope Products Group to Cenveo Inc., based here. The Envelope Products Group was part of MWV's Consumer & Office Products business. Terms of the agreement were not disclosed.
"The Envelope Products Group has built its leading position and strong reputation on producing high-quality envelope products to meet a variety of business customer needs," said Neil McLachlan, president, MWV Consumer & Office Products. "This is an important step in achieving the next level of growth for the envelope business."
"Cenveo is focused on expanding its envelope platform, and adding the Envelope Products Group underscores our continued strategic growth plan for the business," added Bob Burton, chairman and CEO of Cenveo. "We look forward to a seamless integration of our business, and servicing our customers with an enhanced array of products and services that is unparalleled in the market. We believe that this acquisition will be accretive to Cenveo's earnings in the first year of combined operations."
The Envelope Products Group has approximately 910 employees in the United States, and all are expected to transition to Cenveo. Labor agreements will reportedly remain in place at Envelope Products Group locations.
In an unrelated transaction, Cenveo has also acquired Impaxx Inc.—the sole owner of Gilbreth Packaging Solutions—from affiliates of Aurora Capital Group, a Los Angeles-based private equity firm.
Gilbreth operates a facility located in Croydon, PA, and has approximately 75 employees.