Visant Corporation Acquires Visual Systems, Inc.
Monday, June 18, 2007
Press release from the issuing company
ARMONK, N.Y., June 14 -- Visant Corporation today announced the acquisition of Visual Systems, Inc., a leading supplier in the overhead transparency and book component business.
Marc L. Reisch, Chief Executive Officer of Visant, commented, "VSI is another strategic acquisition supporting our core marketing and publishing services businesses. The closing of the sale of Von Hoffmann has allowed us the opportunity to pay down an additional $375 million of our remaining bank term indebtedness while reinvesting in our continuing higher growth businesses." Mr. Reisch further added, "We are enthused about the operational flexibility and the complementary selling opportunities to our key educational customers this acquisition offers as well as providing us an expanded platform to increase our presence in the trade market segment."
John R. DePaul, President of Visant's Lehigh Lithographers book cover and component businesses, commenting on the acquisition of VSI stated, "The acquisition of VSI closely aligns with the other key capital investments in our book cover and component businesses. VSI's existing expertise in printing on plastic, provides us a ready platform to leverage the emerging digital technologies that are required to support the changing market dynamics." Mr. DePaul added, "We look forward to working with the VSI team in supporting our strategic growth initiatives."
The acquisition was accomplished through a purchase of all of the outstanding stock of VSI by Visant Corporation. The results of VSI will be reported under Visant's Marketing and Publishing Services segment. VSI employs approximately 100 associates in its operations located in Milwaukee, Wisconsin.