Pitman Company to Buy the Assets of Litho Development and Research
Press release from the issuing company
TOTOWA, NJ, November 16, 2001 – Joe Demharter, President and Chief Executive Officer of Pitman Company, the leading independent North American graphic arts supplier, today announced that the company has signed a letter of intent to purchase certain assets of Litho Development and Research (LDR), one of the largest graphic arts suppliers in the western United States.
The assets to be acquired include LDR's sales and distribution facilities in the Portland, Seattle, San Francisco, Los Angeles, Salt Lake City and Denver markets. The transaction is expected to close by December 1st.
When the LDR asset purchase is completed, it will be Pitman Company's third major transaction this year. Earlier, Pitman announced the acquisition of both PrintNation and Ad Vantage. PrintNation has enabled Pitman Company to provide customers and manufacturers with fast, accurate, web-based communications and response systems through the industry's most advanced and responsive e-commerce portal. Ad Vantage has added extensive telephone sales and catalog marketing facilities to the company's operations.
Commenting on the transaction, Mr. Demharter stated, "With these valuable LDR assets as a part of our company's existing strong capabilities in the region, Pitman unquestionably will have the strongest sales and service presence serving customers in the western United States. The asset acquisition is in line with our long-term strategy to continue the nationwide growth of our company as an independent source of the most productive technology, equipment and products for the graphic arts industry."
Ralph Johnson, Chief Executive Officer of LDR, commented, "We are very pleased that the LDR assets we have built over the years are now in the hands of an industry leader that has a tradition of introducing, and the depth of resources to support, the constantly expanding array of new technologies that have become vital engines of growth for the graphic arts business."
Now in its 96th year of serving the graphic arts industry, Pitman Company provides the full spectrum of digital imaging solutions, service and support in addition to traditional prepress and pressroom products. The company also offers tailored product solutions for the specific requirements of printing market segments such as newspaper publishing and packaging production, and has a strong national accounts program. Headquartered in Totowa, New Jersey, Pitman Company has 20 branch locations with modern distribution facilities across the United States. Pitman Company is on the web at www.pitman.com.
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