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UPFRONT

January 2004
FedEx Buys Kinko's Franchise

MEMPHIS, TN—FedEx Corp. and Clayton, Dubilier & Rice (CD&R) have announced an agreement for FedEx to acquire Kinko's for $2.4 billion in cash. Kinko's operates approximately 1,200 stores worldwide, generating annual sales of about $2 billion. Funds managed by CD&R, a private equity investment firm, currently owns about 75 percent of Kinko's outstanding shares. Once the transaction is completed, all Kinko's locations will offer new or expanded FedEx shipping options to small- to medium-size businesses and to large corporate customers. FedEx has been Kinko's exclusive shipping provider since 1988.

Scitex Selling Digital Printing

TEL AVIV, ISRAEL—Scitex Corp. and Eastman Kodak have signed a definitive agreement that sees Kodak acquire the assets and business of Scitex Digital Printing (SDP) for $250 million in cash. As part of the agreement, Scitex will retain $14 million of SDP's expected $22 million cash balance at closing, raising the total to $262 million. Scitex intends to make a significant cash distribution to its shareholders following the closing, with terms of the dispersement hinging upon corporate, legal and other variables.

Quebecor, Daily News Renew

MONTREAL—Quebecor World has reached an agreement on a new three-year contract to print the Sunday TV supplement, New York Vue, for the New York Daily News. This agreement is an extension of a five-year relationship between Quebecor World and the Daily News. In addition to New York Vue, Quebecor World will also print other specialized Sunday supplements for the Daily News. Quebecor will print more than one million copies of the New York Vue, serving three million readers every Sunday.

EFI Announces Repurchase Plan

FOSTER CITY, CA—Digital imaging and print management solutions provider Electronics for Imaging (EFI) announced a stock repurchase plan that will see it acquire up to $50 million in common shares over the next 12 months. The purpose is to mitigate the dilution from the issuance of shares under the company's employee stock option plans and to offset the approximately 200,000 shares issued in the Printcafe acquisition.

Von Hoffmann Reports Earnings

ST. LOUIS—Von Hoffmann Corp. announced third quarter results of $107.2 million in net sales for the period ending Sept. 30, 2003, compared to the prior year's third quarter of $108.1 million. Net loss for the third quarter of 2003 was $0.4 million compared to $0.2 million net income in the third quarter of 2002.

Crosetto Retires from Bowne

NEW YORK—Carl J. Crosetto, president of Bowne & Co., has retired from the company. Crosetto, who worked at Bowne for 31 years, will remain as a consultant and continue to serve on its board of directors. He joined the financial printer in 1973 as a sales representative.
 

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