Courier Orders Third MAN Roland LITHOMAN IV To Meet Growing Four Color Textbook Demand
Press release from the issuing company
NORTH CHELMSFORD, Mass.--Nov. 14, 2005-- Courier Corporation, one of America's leading book manufacturers and specialty publishers, today announced that it has agreed to purchase its third MAN Roland LITHOMAN IV four-color press in three years. The new press, to be installed in the fall of 2006, is the largest single item in Courier's projected $21-million expansion of its plant in Kendallville, Indiana.
"With our first MAN Roland press performing superbly and a second one to begin operation next month, we still have further to go to meet the growing demand we foresee in the education market," said Courier Chairman and Chief Executive Officer James F. Conway III. "This third LITHOMAN, identical to the first two, will enable us to capture a larger share of that market growth. At a cost of over $12 million per press, it demonstrates our continuing commitment to the needs of our publishing customers.
"Industry analysts suggest that nationwide textbook demand is still at an early stage in a multi-year growth cycle. Along with that demand is a continuing shift to sophisticated four-color production for books at every grade level, as teachers reach out to students amidst the distractions of video and online media. The result is an escalating need, not just for capacity, but for the specific kinds of capacity Courier has been cultivating for the last several years. At every notch of increase in demand, we have been ready to provide the capacity and service our customers need. And the steps we are taking today will ensure that we are ready for future increases as well."
In addition to its third MAN Roland press, Courier's latest Kendallville plant expansion also includes new sewing and binding systems which will enable the company to qualify for a broader range of textbook business. This new round of investment follows closely on Courier's October 2005 acquisition of Moore Langen, an Indianapolis-based printer known throughout the industry for high-end book covers. Taken together, these two undertakings represent a commitment of more than $35 million to the future of the education market.
"Between overall market growth, share gains with key customers, and our ability to compete on a broader range of work, we are confident that demand for this third new press will justify our investment," said Mr. Conway. "MAN Roland has been a valuable contributor to the growth of our textbook and trade business. We are pleased to extend our collaboration to this new round of opportunities."
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