Pitney Bowes Completes Acquisition of PSI Group
Friday, August 02, 2002
STAMFORD, Conn., August 1, 2002 - Pitney Bowes Inc. (NYSE:PBI) today announced the successful completion of its acquisition of PSI Group, Inc. (PSI), the nation's largest mail presort company, for approximately $130 million. PSI prepares, sorts and aggregates mail to earn postal discounts and expedite delivery for its customers. As a wholly owned subsidiary of Pitney Bowes, PSI will operate under its current management and continue to focus on providing presort mail services. "We are pleased to complete the acquisition of PSI Group," said Michael J. Critelli, Chairman and CEO of Pitney Bowes. "Their knowledge and expertise in helping high-volume mailers reduce the costs and speed the delivery of mail complements our existing services and will help us better serve our customers. This transaction is another step in our strategy to profitably expand our leadership in providing leading-edge, integrated mail and document solutions." PSI employs approximately 1,000 people in its 13 operating centers across the U.S. and in its headquarters in Omaha, Nebraska. PSI's certified operating centers have met the stringent requirements of the U.S. Postal Service's Mail Preparation Total Quality Management Program, making PSI the presort partner of choice for large first-class mailers and their service providers. Presort operations and workshare partnerships benefit the mailing industry by lowering postage costs, improving the speed and accuracy of service and ultimately enhancing the overall value of mail. "This is a very positive move for PSI and our customers as we look to further enhance the value we deliver in the presort mail marketplace," said Robert F. Krohn, Chairman and CEO of PSI Group, Inc.