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RR Donnelley to Acquire North American Operations of Esselte

Tuesday, January 07, 2014

Press release from the issuing company

Expands Offering of Branded and Private Label Products Distributed Through Leading Retailers, Wholesalers, Contract Stationers and Dealers

CHICAGO and STAMFORD, Conn. - R.R. Donnelley & Sons Company and Esseltejointly announced today that they have signed a definitive agreement by which RR Donnelley will acquire substantially all of the North American operations of Esselte, a privately owned developer and manufacturer of nationally branded and private label office and stationery products. Its well-known brands include Ampad writing and envelope products, Boorum & Pease® premium bound books, Oxford ® index cards and Pendaflex® document organization and storage products. The acquisition will create a more competitive and efficient office products supplier capable of supplying enhanced offerings across the customer base. The purchase price includes a combination of cash and up to 1 million shares of RR Donnelley common stock, resulting in a total transaction value of $96.5 million.

The acquisition is expected to be both deleveraging and accretive to RR Donnelley's earnings per share within 12 months following the closing of the transaction. The completion of the transaction is subject to customary closing conditions, including regulatory approval.

"Esselte is an excellent fit with RR Donnelley's office products business as their well regarded brands complement our popular TOPS,Adams®, Cardinal®, and Globe-Weis® brands," said Thomas J. Quinlan III, RR Donnelley's President and Chief Executive Officer. "We expect to realize significant savings by combining our best practices, complementary products, and manufacturing and distribution capabilities, and we look forward to taking the expanded line of products and respected brands to our combined customer base of retailers, wholesalers, contract stationers and dealers."

 

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