BOWE SYSTEC establishes Joint Venture with Stralfors
Press release from the issuing company
Chicago, Ill., September 15, 2004 — BOWE SYSTEC International GmbH, the parent company of Roll Systems Inc., and Stralfors AB signed a Letter of Intent on August 30, 2004 that created a jointly controlled entity between Roll Systems, Inc. and the Stralfors Lasermax division. Both Roll Systems and Stralfors manufacture high-speed paper handling, converting and monitoring systems for digital printers. The agreement goes into effect on September 30, 2004.
In a preceding agreement, on August 9, 2004 the shareholders of Roll Systems, Inc. approved a transaction under which the company would become a wholly owned subsidiary of BOWE SYSTEC International GmbH. Roll Systems, located in Burlington, Massachusetts sells and services its products in over 50 countries.
The Stralfors Lasermax division within the Stralfors Group, operates globally with its headquarters, development and manufacturing offices located in Ljungby, Sweden. Subsidiaries of the division are located in the United States, Belgium, UK and Singapore.
Lasermax and Roll Systems complement each other well from a geographical perspective. In addition, the combined market strengths and joint engineering capabilities will allow faster delivery of new solutions to the market as well as greater penetration into existing and emerging markets. This new venture will employ approximately 200 people and will be headquartered in Ljungby, Sweden.
This transaction is another step in BOWE SYSTEC’s strategy to provide a full Automated Document Factory solution for its customers. This follows an agreement by BOWE SYSTEC to acquire an additional 10 percent of Bowe Bell + Howell giving them majority ownership of the North American-based company.
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