STAMFORD, Conn., Oct. 4 -- Pitney Bowes Inc. today signed a definitive agreement to acquire a substantial portion of the assets of Ancora Capital & Management Group LLC, for approximately $35 million net of cash and assumed liabilities. Ancora is a provider of first class, standard letter and international mail processing and presort services with five operations in southern California, Pennsylvania and Maryland. It will become part of the company's PSI operation and its national presort network.
"This acquisition is another step in our evolution to deliver enhanced customer and shareholder value," said Michael J. Critelli, Chairman and CEO of Pitney Bowes. "Presort operations help customers prepare, sort and aggregate mail to earn postal discounts and expedite delivery. Our growing national presort network helps customers be more successful by enhancing their ability to communicate more efficiently. This acquisition helps us to continue to increase the volume of mail we touch, grow the value we add to each mailpiece, provide more mail services and expand our presence in the mailstream."
Pitney Bowes initiated its strategic entry into the multi-billion dollar presort industry in 2002 with the acquisition of PSI. Ancora employs approximately 900 people and is headquartered in San Fernando, California. Subject to the completion of certain conditions the transaction is expected to close within 30 days.
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