HBP Inc. Obtains Virginia Printer Balmar
HAGERSTOWN, MD—HBP Inc. has signed a letter of intent to purchase Balmar Inc. of Falls Church, VA. Terms of the deal were not revealed. Under the agreement, Balmar—ranked 179th on the 2009 PI 400 with $28.5 million in annual sales—will become a wholly-owned subsidiary of HBP (#266 on the PI 400, $19.5 million in sales).
“As the requirements of the marketplace evolve and change, our industry must continue to reinvent and reposition itself,” said John Snyder, president of HBP, in a release. “You have to be nimble and ready to react swiftly. Both HBP and Balmar recognize that customers need completely customized and integrated solutions to help increase ROI, streamline processes and manage their data. Together, we are ready to support them.”
The companies will continue to operate under their own names, but will share resources. The Herald-Mail reported that HBP could increase its workforce by as many as 20 people in order to handle production.