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Courier Will Close Book-mart Press

Tuesday, January 13, 2009

Press release from the issuing company

NORTH CHELMSFORD, Mass. -- Jan. 12, 2009 - Courier Corporation, one of America's leading book manufacturers and specialty publishers, today announced its decision to close Book-mart Press, Inc., a short-run manufacturing subsidiary in North Bergen, New Jersey, and consolidate its one-color printing operations into other Courier facilities. Acquired by Courier in 1997, Book-mart Press has 72 employees and approximately $7 million in annual sales. Between a weak economy and a changing competitive environment, Book-mart's capabilities had become increasingly redundant with those of other Courier plants. The company estimates that the plant closing will be completed within the next 60 days, and that severance expenses and other related costs will total approximately $2 million ($0.10 per diluted share) over the next two quarters.

"We deeply regret having to make this announcement at such a troubled time in our national economy," said Courier Chairman and Chief Executive Officer James F. Conway III. "Yet it is that very circumstance that has made this action imperative. We appreciate the loyalty and professionalism of Book-mart's employees through the years, and we are determined to make every effort to help them through this inevitably painful transition. At the same time, I want to reassure Book-mart's customers that their work will remain in good hands at our other manufacturing plants, and our commitment to outstanding service is undiminished."

 

 

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