Workflow Management Inc. today announced the completion of its sale of United Envelope LLC and Freedom Graphic Services, Inc. to an entity controlled by Palm Beach Capital, a private equity firm based in Florida, for an undisclosed sum.
PALM BEACH, FL—Gary W. Ampulski, president and CEO of Workflow Management, has been fired and replaced by Chairman Gerald Mahoney, who will act as interim CEO. Workflow Management suspended Ampulski initially in early February, pending an investigation of allegations that he violated company policies and board directives. Ampulski, who joined the company in March of 2003, resigned as a member of the company's board of directors later that same month. Workflow Management planned a stockholder meeting for late March, at which time it was expected to approve a merger agreement with WF Holdings. The deal would see WF Holdings acquire Workflow Management for $4.87 per share
PALM BEACH, FL—Former Mail-Well Chairman and CEO Gerald Mahoney has assumed the role of interim CEO for Workflow Management. Mahoney was already a member of the company's board of directors. Tom D'Agostino Sr. is stepping aside from his duties as CEO and president of Workflow Management to assume the role of non-executive chairman, effective immediately. The decision for D'Agostino to step down came in connection with the company's announcement that it had secured a new credit agreement. Mahoney characterized the change in management as good for the company at this time. "It was time for a change and I think that the banks were
Mail-Well Sells Filing Division ENGLEWOOD, CO—Mail-Well Inc. has completed the sale of its filing products division to International Filing, a privately held company owned by IFC Filing, of Exton, PA. IFC Filing was formed by former Mail-Well Chairman Gerald Mahoney, along with management and other investors to effect the purchase. "The sale of our filing products division is another important step in the implementation of our strategic plan, narrowing our lines of business and reducing our debt load," states Paul Reilly, Mail-Well chairman, president and CEO. "International Filing Co. represents an exciting opportunity for the customers, management and employees of the filing products division." TAP
Bowne Reveals Cost ReductionsNEW YORK—Bowne & Co. revealed it will take additional steps in its cost reduction program that are expected to result in reductions in fixed and variable costs of more than $20 million in 2001. The cost-cutting initiatives are further realignments in manufacturing and composing operations, elimination of certain underutilized resources and a roughly 3 percent worldwide staff reduction through attrition, layoffs and reassignments. Bowne estimates that the related restructuring expenses will result in a fourth quarter pre-tax charge to earnings of less than $2 million. The company previously announced $7 to $9 million in annual cost savings, resulting from the combination