CINCINNATI, and MILWAUKEE, Wis., Jan. 25 -- Multi-Color Corporation and Journal Communications, Inc. announced today that Multi-Color has acquired NorthStar Print Group, Inc., the label manufacturing subsidiary of Journal Communications. The purchase price, excluding certain real estate holdings, was $27.03 million in cash. NorthStar has annual revenues of approximately $60 million. It employs approximately 275 associates and has three manufacturing locations in Watertown, Wisconsin, Green Bay, Wisconsin and Norway, Michigan. NorthStar was founded in 1878 and acquired by Journal Communications in 1966. Multi-Color President and CEO Frank Gerace said, "NorthStar will be Multi- Color's seventh and largest acquisition since 1999 and represents a major milestone in our history. Like Multi-Color, NorthStar is a highly developed, technologically advanced provider of label and decorating solutions to major beverage and consumer products companies worldwide. Adding NorthStar's capabilities to Multi-Color brings important new dimensions to our product and market mix and further increases our leadership position as a full-service decorating solutions business." According to Steven J. Smith, Chairman and CEO of Journal Communications, "We thank the employees of NorthStar for their years of dedication to Journal Communications, their commitment to excellence and their exceptional, award winning service to our customers. We are very pleased to have reached agreement with a highly regarded company like Multi-Color which will continue to build the NorthStar business. This transaction allows Journal Communications to tighten its management focus." NorthStar Print Group specializes in the production of gravure labels and flexographic pressure-sensitive labels. Among its customers are Miller Brewing, Prestone, Exxon/Mobil, Arizona Beverages, Kraft, Hershey Foods, Clorox, Reckitt Benkiser and Procter & Gamble. NorthStar is the principal producer of labels for Miller Brewing. Miller has honored NorthStar as "Partner in Excellence" for seven consecutive years and "Supplier of the Year" twice. NorthStar offers a complete set of services, including electronic prepress, cylinder engraving, printing in up to 10 colors, finishing, inventory management and fulfillment. It has received numerous industry awards for print reproduction quality and innovation. Multi-Color said it does not anticipate significant changes in NorthStar's operations. To that end, Gerace and Multi-Color's senior management intend to visit each of NorthStar's facilities in the next few days to meet with all employees. "We are very eager to introduce Multi-Color Corporation to our new associates at NorthStar. We are excited to tell them about the potential of the combined businesses," Gerace added. "We expect NorthStar will become a very important contributor to the success of Multi-Color going forward." The transaction is expected to be accretive to earnings immediately.