Consolidated Graphics Forms Subsidiary to Acquire Assets of Hickory Printing
CONOVER, NC—June 1, 2010—Consolidated Graphics, Inc. (CGX) announced today that Hickory Printing Solutions, a new Consolidated Graphics company, has acquired certain assets of The Hickory Printing Group. Hickory Printing was founded in 1917 and is ranked as the 158th largest printer, with $33.06 million in sales, on the current Printing Impressions 400 listing. Terms of the transaction were not disclosed.
Hickory Printing Solutions offers web and sheetfed printing, mailing and fulfillment, variable printing, interactive services and packaging and operates out of two facilities located in Conover and High Point, NC.
Commenting on the acquisition, Joe R. Davis, Chairman and CEO of Consolidated Graphics, Inc., stated, "Hickory Printing Solutions offers first class quality and service to its customers. With the additional resources of Consolidated Graphics, including the world's largest and most sophisticated digital printing network, behind it and its dedicated employees, Hickory Printing Solutions will continue to exceed every customer expectation."
Stephen Patton, former President of Electric City Printing, a Consolidated Graphics company in Williamston, SC, is the President of Hickory Printing Solutions. Patton commented, "I am looking forward to applying all that I have learned at Consolidated Graphics to help Hickory Printing Solutions continue its world class printing reputation."
George B. Glisan and Jeffrey A. Hale, formerly CEO and CFO, respectively, of The Hickory Printing Group have been hired to serve as CEO and CFO of Hickory Printing Solutions. Glisan said, "I have always admired the Consolidated Graphics business model and am looking forward to having the financial strength and resources of Consolidated Graphics behind us."
About Consolidated Graphics, Inc.
Consolidated Graphics, Inc. (CGX), headquartered in Houston, TX, is one of North America's leading general commercial printing companies. With 70 printing businesses strategically located across 27 states, Toronto, and Prague, we offer an unmatched geographic footprint, unsurpassed capabilities, and unparalleled levels of convenience, efficiency and service. With locations in or near virtually every major U.S. market, CGX provides the service and responsiveness of a local printer enhanced by the economic, geographic and technological advantages of a large national organization.