MISSISSAUGA, ON—Moore Corp. has completed its acquisition of Wallace Computer Services. Industry analysts estimate that the new company, Moore-Wallace, could generate approximately $3.6 billion in annual revenues and will have more than 18,500 employees worldwide. The combined company expects to generate cost savings of at least $50 million as a result of the merger, according to Moore-Wallace officials. Wallace brings 45 manufacturing facilities; nine distribution and warehousing hubs; and 150 sales locations to the marriage. Moore has 45 production facilities, 14 print fulfillment centers, 23 warehouse hubs and 220 sales locations throughout the world. As a result of the $1.3 billion merger, Moore's trading symbol for shares
STAMFORD,CT—When Moore Corp. CEO Mark Angelson picked up the phone in August of 2002 he knew he had a winner. He informed a Wallace Computer Services director at the other end of the phone, "I'm sitting here and looking at a set of numbers I find so compelling that I think we need to talk about this." Talk they did. The resulting conversations led to a $1.3 billion deal that will merge the two companies into Moore-Wallace. "When we arrived at Moore in 2000, it became clear that a combination with Wallace was compelling, given the right circumstances," explains Angelson, who will head the combined company.
MISSISSAUGA, ON—Robert G. Burton has stepped down as Moore Corp. chairman, president and CEO. When Burton joined the company in 2000, Moore was in financial disarray. He is widely credited with rejuvenating the ailing company. Burton will remain a senior advisor to the company. Meanwhile, Mark Angelson has been tapped to be the new CEO. Previously, he served as the company's non-executive chairman and lead independent director. Angelson was deputy chairman of Big Flower Press Holdings, now known as Vertis. Alfred Eckert III has been named to the position of chairman of the board. Eckert, chairman and CEO of GSC Partners, has been
BY ERIK CAGLE Who can forget 1998 and 1999? Those were easily the salad days of merger and acquisition in the commercial printing industry. The dotcom craze was sweeping across all U.S. industries, with venture capitalists seeking new avenues into the printing segment. Wall Street coveted this largely fragmented industry, and a wave of new kids on the block, consolidators, embarked on the IPO-and-roll-up philosophy. Roughly a half-dozen of these consolidators vied for the growing number of printing companies looking to become cogs in much larger machines, seeking either payola or the benefits from the economies of scale. The national economy was a well-oiled
TORONTO—Who says there aren't any major acquisitions in the commercial printing industry any more? As a host of industry rollups plod their way through turbulent times, Moore Corp. has thrown down the big-dollar gauntlet. Fresh off a year in which CEO Robert Burton implemented a $100 million cost-savings initiative, a leaner and meaner Moore ushered in the 2002 campaign by announcing it has entered into an agreement to acquire a privately held commercial printer, The Nielsen Co. Nielsen, which chalked up revenues of $90 million in 2001, has three manufacturing facilities located in Cincinnati, Florence, KY, and Raleigh-Durham, NC. With 730 employees, The Nielsen
TORONTO—The countdown to cutting $100 million continues at Moore Corp. That figure is the amount Robert G. Burton, president and CEO, pledged to save the company when he began announcing initiatives in January aimed at reducing Moore's costs. Burton is fast proving that this cost-reduction process will not be slow, as the company has revealed several more moves to make the goal closer to becoming reality. Moore announced that it is integrating its operations in Canada with its U.S. forms and labels operations, which will reduce operating expenses through the "elimination of duplicative layers of management and administrative positions," notes Burton. The move is projected