Mail-Well Announces Sale of Filing Products Division
Friday, August 09, 2002
ENGLEWOOD, Colo., Aug. 8 -- Mail-Well, Inc. announced today that it has consummated the sale of its filing products division, for an undisclosed amount. The purchaser is International Filing Company, LLC, a privately held company owned by IFC Filing, LLC, based in Exton, Pennsylvania. IFC Filing, LLC was formed by Gerald Mahoney, the former chairman of Mail-Well, Inc., along with management and other investors to effect the purchase. "The sale of our filing products division is a another important step in the implementation of our strategic plan, narrowing our lines of business and reducing our debt load," said Paul Reilly, Mail-Well's chairman, president and CEO. "International Filing Company represents an exciting opportunity for the customers, management and employees of the filing products division." Mr. Reilly continued, "With this transaction, together with the other dispositions previously announced, and with the cash set aside for the redemption of the 5% convertible bonds, the company faces no maturities on its debt before 2005." Headquartered in Englewood, Colo., Mail-Well specializes in three growing multi-billion market segments in the highly fragmented printing industry: commercial printing, envelopes and printed office products. These divisions achieved sales of $1.9 billion in 2001. Mail-Well divested its label division in May 2002. Mail-Well has over 11,000 employees and more than 80 printing facilities and numerous sales offices throughout North America.