Standard Register Acquires Uarco
Barrington, Il—Dayton, OH-based Standard Register has agreed to purchase Uarco, a subsidiary of the Settsu Corporation of Japan based here, for $245 million.
The acquisition will create one of the nation's largest document management and production companies. The combined annualized sales have been projected to hit nearly $1.4 billion.
"The acquisition of Uarco is an integral part of our plan to become the recognized leader in the document management industry," reveals Standard Register President and CEO Peter Redding.
The acquisition will be financed through cash and bank financing, says Redding. He adds that Standard Register has debt to total capitalization of about 35 percent after the acquisition was completed.
Redding retains his position as president, however, all other layoffs, additions or changes to the staff have yet to be determined. "It's too premature to tell," admits Director of Corporate Communications Beverly Reiman.
Reiman says that an integration team has been formed from members of both companies. She adds that the team is in the process of looking at the resources, goals and objectives for the future.
The integration team is also concentrating on what will happen with Standard Register and Uarco's departments that sell to the independent distributor. "The team needs to analyze, review and make a recommendation," she says.
"We are extremely pleased to join Standard Register," enthuses Timothy Webb, president and CEO of Uarco. "Uarco has several complementary lines of business. The combined operations will provide significant efficiencies that will deliver superior products and services to our customers," he says.
The joining of Uarco and Standard Register will provide a strong presence in the financial services and health care fields. It will also offer opportunities in the manufacturing and distribution markets.
The two companies have made significant strides in the emerging color print-on-demand industry with Standard Register's Stanfast Group and Uarco's Impressions network of document centers.