Bowne to Sell Commercial Print Operation in Montreal to Existing Management Group
Press release from the issuing company
March 15, New York, Toronto and Montreal -- Bowne & Co., Inc. (NYSE: BNE) the world's largest financial printer and a leader in document and information management, today announced plans to sell the commercial printing component of its Montreal subsidiary, Bowne de Montréal, Inc.
The company has accepted a letter of intent from the existing management group at its Montreal plant to purchase the commercial print and manufacturing operations. The sale does not include the financial printing segment of its business. The sale is scheduled for completion by May 17, 2001. Plans call for the company's financial print and manufacturing requirements in Montreal to continue to be met via a working agreement with the new company. Additional terms were not disclosed.
Jeff Chipman, President of Bowne's Canadian Region, said that the company will continue to provide financial printing services in Montreal. Bowne's Montreal-based financial sales, typesetting and customer service personnel will relocate to new downtown offices conveniently located in walking distance of the Montreal legal and financial community.
"We have taken this downtown service facility approach at most of our locations around the world and it is very well-received by our customers." continued Mr. Chipman. He also stated that this sale of the commercial business is consistent with Bowne's decision to selectively reconfigure its investment in commercial print manufacturing capacity on a worldwide basis.
Jamie Barbieri, the current Vice President and General Manager of Bowne de Montréal, is leading the management buyout and will be the majority and controlling shareholder of the new company.
"We are very excited about this transaction and look forward to the ongoing business relationship with our friends at Bowne. We plan to continue to develop our commercial printing business while maintaining the superior levels of service and quality our customers have grown accustomed to over the years. Our customers and employees will be delighted to know that we intend to invest in some of the latest and most sophisticated commercial printing equipment and technology the industry has to offer." said Mr. Barbieri.
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