Cincinnati-based Multi-Color Corp. announced that it intends to privately offer $250 million in aggregate principal amount of senior notes due 2022. Multi-Color currently intends to enter into an amended and restated revolving credit facility concurrently with, and as a condition to, the closing of the offering of the notes.
The September quarter shows improved organic revenue growth and operating efficiencies for Multi-Color Corp. (MCC), both contributing to better earnings. For example, net revenues increased 21 percent to $213.0 million from $176.6 million compared to the prior year quarter. "We see these improvements as broadly based and sustainable. We are now focused on further organic revenue and earnings growth potential for next fiscal year, as well as acquisition opportunities," said Nigel Vinecombe, president and CEO of Multi-Color Corp.
According to Nigel Vinecombe, president and CEO of Multi-Color Corp., the June quarter represents the first quarter with full contributions from all FY14 acquisitions and with no significant one-off integration costs. Improved gross margins at 21 percent drove core operating income to 13 percent of revenues and core EBITDA to 18 percent of revenues for the quarter.
Multi-Color Corp. has announced the acquisition of the Di-na-cal label business from Graphic Packaging International. Di-na-cal operates manufacturing facilities in Cincinnati, and Greensboro, NC, and provides decorative label solutions primarily in the heat transfer label markets for home and personal care and food and beverage.
RR Donnelley served notice to the former Heartland Press plant in Spencer, IA, that it planned to close for good by March 13. The move leaves 160 employees without jobs. The plant was obtained by Donnelley in the Perry Judd’s acquisition.
CHICAGO—RR Donnelley served notice to the former Heartland Press plant in Spencer, IA, that it planned to close for good by March 13. The move leaves 160 employees without jobs. The plant was obtained by Donnelley in the Perry Judd's acquisition.
From the "it's going to get worse before it gets better" department comes a Quad/Graphics capacity reduction that sees 550 people lose their jobs this week. Another 72 jobs are gone as Courier Corp. shuts down short-run Book-mart of North Bergen, NJ, while 62 Multi-Color Corp. positions are eliminated as its Framingham, MA, operations are folded into other facilities. That's nearly 700 jobs in under a week. It's a safe bet that more than 1,000 people industry-wide will be cut loose this week.
Donnelley Lobbies Washington CHICAGO—RR Donnelley plunked down $485,044 during 2007 to lobby the federal government on environmental policy issues, according to an Associated Press report. The information was posted online by the U.S. Senate’s public records office. Under federal law, lobbyists are required to disclose activities that could influence members of the executive and legislative branches. Tech Valley Closes Its Doors WATERVLIET, NY—Citing economic difficulties, Tech Valley Printing notified the New York State Department of Labor that it was laying off 50 workers, then closed its doors on February 8. According to the Schenectdady (NY) Daily Gazette, the printer had been active in the