Roll Systems Announces Sale Of Company To Bowe Systec
Press release from the issuing company
Burlington, MA, (July 19, 2004)--Roll Systems announced today that its Board of Directors has approved a transaction under which the company would become a wholly-owned subsidiary of Böwe Systec International GmbH, the company's largest shareholder. The transaction is subject to approval of Roll shareholders, which is scheduled to take place at a shareholders meeting in August.
George McKenna, president and CEO of Roll said: "The transaction will bring substantial benefits to both Roll customers and employees. As part of a larger organization, we will enjoy an independent service support organization, expanded technological resources and an international infrastructure to deliver more comprehensive solutions."
Dr. Claus Gerckens, chairman and CEO of Böwe, said: "With the acquisition of Roll, we strengthen our strategic market position in the entire digital printing process, from print operations through to the inserting and finishing systems from Böwe. For our many customers, we will bring the added value of offering a single source supplier to meet these needs."
With headquarters in Augsburg, Germany, Böwe Systec develops, manufactures, sells and maintains paper management systems for high-volume mail processing. The Roll transaction is Böwe's second purchase of a U.S. company in the paper management industry. Last year Böwe entered into a joint venture with Bell+Howell, acquiring 50% of the shares of that company. In 2003, Böwe group sales totaled a record EUR346 million, of which more than 50% was generated in North America. Böwe Systec Group worldwide employment totaled 2,700 at March 31, 2004. Böwe Systec shares are publicly traded in Germany.
Founded in 1987, Roll Systems is North America's largest manufacturer of high-speed paper handling, converting and monitoring systems for digital printers. In 2004, it is experiencing a strong rebound in sales, with an expected $29 million in revenue for the year. Its products are sold and serviced in over 50 countries. Roll employed over 100 people at March 31, 2004 and is privately owned.
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