Cadmus Completes Divestiture Of Cadmus Creative Marketing Division
Press release from the issuing company
RICHMOND, Va., Jan. 25 - Cadmus Communications Corporation has sold its Atlanta-based Cadmus Creative Marketing division to Emergence, Inc., a strategic consultancy headquartered in Richmond, Virginia.
Cash proceeds from the sale will be used to reduce debt. The Company expects the transaction will have a slightly positive impact on fiscal second half earnings from continuing operations but will record an after-tax book loss on disposal of discontinued operations of approximately $1.0 million in the third quarter. Terms of the transaction were not disclosed.
"This sale completes the divestiture of our independent marketing operations and allows us to focus our resources on our publications services and packaging businesses,'' said Stephen E. Hare, executive vice president and chief financial officer.
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