Mail-Well Lauds Passage of Legislation to Maintain Postal Rate Stability
Press release from the issuing company
ENGLEWOOD, Colo., April 9, 2003 -- Mail-Well, Inc. announces its support for S. 380, the Postal Civil Service Retirement System (CSRS) Funding Reform Act of 2003. Postal rates will not be increased for at least the next three years once the President signs the bill. The bill passed in the Senate on April 2, 2003 and in the House on April 8, 2003.
"The passage of S. 380 by Congress is an important step in maintaining stability in postage rates until at least 2006," said Paul Reilly, Mail-Well's chairman, president and CEO. "This is very positive step for the U.S. economy and our envelope and printing businesses."
The Office of Personnel Management, at the request of the General Accounting Office and the Postal Service, discovered that the Postal Service was overpaying its CSRS retirement obligations, due primarily to higher than expected yields on its pension investments. The bill will insure that the CSRS retirement benefits are fully funded and at the same time not require Postal rate increases.
Headquartered in Englewood, Colo., Mail-Well specializes in three growing multi-billion market segments in the highly fragmented printing industry: commercial printing, envelopes and printed office products. These divisions achieved sales of $1.7 billion in 2002. Mail-Well has over 10,000 employees and more than 86 printing facilities and numerous sales offices throughout North America.
WhatTheyThink is the global printing industry's go-to information source with both print and digital offerings, including WhatTheyThink.com, WhatTheyThink Email Newsletters, and the WhatTheyThink magazine. Our mission is to inform, educate, and inspire the industry. We provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today's printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.