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Fuji: New Subsidiary w/ Acquisitions: PrimeSource, Heartland, Graphic Systems

Press release from the issuing company

ELMSFORD, N.Y.-- Sept. 4, 2001--Fuji Photo Film U.S.A, Inc. has made a strategic commitment to strengthen the distribution channel for the graphic communications industry by establishing a new subsidiary. Fujifilm has announced the execution of a definitive merger agreement providing for Fujifilm's acquisition of PrimeSource Corporation and is now announcing the signing of definitive agreements to purchase both Heartland Imaging and Graphic Systems, Inc. These three companies - the largest Fujifilm dealers and each a market leader in their respective areas - will be united in one new national distribution company, to serve the U.S. graphic arts market. Fujifilm did not disclose terms of the acquisitions of Heartland Imaging and Graphic Systems, Inc., both of which are privately owned companies. This new value-added distribution company will provide "best in class'' products from a wide range of manufacturers, some which compete with Fujifiilm and others that complement Fujifilm products. This new company will meet virtually every need of the graphic communications market, integrating imaging technologies and products through consultative services and support. These companies are three of the industry's leading dealers, and Fujifilm's investment is one of the largest ever for the distribution of graphic arts supplies. "The key to delivering value to our customers is to have a strong distribution channel,'' said Daniel C. Maffeo, Vice President and General Manager, Graphic Systems Division, Fuji Photo Film U.S.A., Inc. "We have always been committed to the U.S. graphic arts market, and this action underscores that commitment. We see a changing market and believe the distribution and support of this market must change as well.'' "Fujifilm believes the graphic communications industry needs an efficient, national distribution company that can provide a complete array of products, an abundance of inventory, outstanding technical service and support - all backed by a financially stable global company such as Fujifilm,'' he added. "This also allows Fujifilm, as a manufacturer, to take responsibility for both distribution and support, delivering both quality products and services from many different manufacturers to one of our key markets - the graphic arts industries.'' "Our strategy here - as it is in all of our other businesses - is customer-centric, and this takes it one step further,'' said Yasuo "George'' Tanaka, President and Chief Executive Officer, Fuji Photo Film U.S.A, Inc. "It is a significant investment in providing additional value to our customers. Through this new company, we will be able to ensure our customers receive excellent products from a wide range of manufacturers for all their needs as well as outstanding service to support those products. "This action today reflects our long-term commitment to the U.S. graphic arts marketplace as reflected by our investments for the graphic arts business in Fujifilm Electronic Imaging, our manufacturing plants in Greenwood, South Carolina, and Fuji Hunt's acquisition of Anchor,'' he added. "It is also an opportunity for Fujifilm to enter into a new business and develop an industry-specific model for the distribution and support of graphic arts products.'' The new company's mission is to be the best national distributor in the graphic communications market by providing its customers with "best in class'' products and services from world-class suppliers for every application. This "best in class'' focus of people, products and services will deliver outstanding benefits and value to customers. As a multi-brand distribution company, Fujifilm products will be offered, but the majority of products will be from other companies. The new company will serve the same customer base that was served previously by the three companies - commercial printers, trade shops, packaging printers, newspapers and other major segments of the printing and publishing industry.

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