Goss International Completes Acquisition of Heidelberg Web Systems
Press release from the issuing company
BOLLINGBROOK, Ill., Aug. 6 -- Goss International Corporation has today confirmed completion of the acquisition of Heidelberg Web Systems (HWS) from Heidelberger Druckmaschinen AG (Heidelberg). Included in the transaction are substantially all assets associated with the newspaper and commercial web press business of HWS, as well as the high volume postpress products currently produced in the U.S. operations.
Bob Brown, CEO of Goss International, stated, "This is an exciting day for Goss International. We believe the Heidelberg Web product portfolio coupled with the finishing equipment lines will be a terrific complement to the existing Goss product range. We enthusiastically welcome all the Heidelberg Web professionals around the world and look forward to continue to build on their tremendous market success. We are also excited about having Heidelberg as a member of our shareholder group."
Goss International maintains a global sales and service network. Goss is pleased to add to its sales and service organization the Heidelberg sales and service capability to represent Goss with respect to certain products in Mexico, Brazil, Germany, Switzerland, South Africa, South Korea and parts of Eastern Europe.
David Matlin, CEO of MatlinPatterson, Goss International's major shareholder, reaffirmed the benefits of the new acquisition, "MatlinPatterson takes a long term view of all investments and this major acquisition creates a strong platform for future growth. The combination of the two complementary businesses will enhance the continued growth of Goss International in the future. MatlinPatterson is excited to have the opportunity to expand Goss' business and to continue the effort to build this strong industry brand."
Bob Brown concluded, "We live in rapidly changing times. In the final analysis it is our customer's success that will determine our future. Focusing on delivering on our commitments to all of our stakeholders is paramount for the future, but in the end it is our customer that must see benefit from the combination.
"We believe the combined product portfolio, global manufacturing infrastructure, team of industry professionals, innovative technology portfolio and the obvious synergy for our wider newspaper and commercial press ranges, give us a strong competitive edge for the future."
Credit Suisse First Boston and Latham & Watkins LLP advised Goss International on this transaction.
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