Banta CEO Comments on Outlook, Positioned Well for Acquisitions
Press release from the issuing company
October 3, 2002 -- (WhatTheyThink.com) -- Stephanie Streeter, Banta’s newly named CEO (effective October 1st) says that Banta is well positioned for double-digit earnings and sales growth in the future. Ms. Streeter also sees promising opportunities in their supply chain management business. The comments were made yesterday in an interview reported by Ann Keeton of the Dow Jones Newswires.
Despite long term optimism, Ms. Streeter does not see a business recovery in the U.S. until after 2003. Banta expects to return to its historic double-digit earnings and revenue growth, and sees good opportunities in the new field of supply chain management according to the report.
Banta expects its core printing business to generate modest revenue growth, in the 4% to 7% range. Ms. Streeter stated that Banta focuses on the most lucrative parts of the printing business. The company's goal, she said, is to be the "global leader in capturing and distributing our customers' information. Putting ink on paper is just one of the things we're good at."
Also in the report, Ms. Streeter said that Banta has been picking up market share from competitors. Banta has a strong balance sheet with a 21% debt-to-equity ratio, said Ms. Streeter, noting: "We've got plenty of room to make acquisitions when we find the right companies."
Earlier this week, Ms. Streeter made her first staffing change in an effort to be “a recognized single source, multiple solutions provider to our print customers.” Larry L. Panozzo, Banta Commercial Print Group President, was promoted to Banta Print Sector President, a newly created position responsible for all four of Banta's print divisions: the Banta Book, Publications, Direct Marketing and Catalog groups.
At the same time, Ronald J. Musil, Banta Book Group President, was named Executive Vice President of Banta Corporation. Robert A. Kreider, Executive Vice President and General Manager of the Banta Book Group, will succeed Musil as Book Group President.
Ms. Streeter, 44, has served as Banta’s President and Chief Operating Officer since January 2001, and was elected to the Banta Board of Directors in July of 2001. She spent 15 years at Avery Dennison. Immediately prior to joining Banta, Ms. Streeter was Chief Operating Officer of idealab!, a Pasadena-based Internet company.
Banta Corporation is a technology and market leader in printing and supply-chain management, reporting 2001 revenues of $1.46 billion. The Corporation's Print Sector provides a comprehensive combination of printing and digital imaging solutions to leading publishers and direct marketers, including advanced digital content management and e-business services. Banta's Supply-Chain Management Sector provides a wide range of outsourcing capabilities to the world's largest technology companies. Services range from component procurement, product assembly and packaging to inventory control and global distribution.
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