RR Donnelley Agrees to Acquire Asia Printers Group Ltd.
Press release from the issuing company
CHICAGO, June 5 -- R.R. Donnelley & Sons Company announced today that it has signed a definitive agreement to acquire from Asia Printing Holdings Ltd. the Asia Printers Group Ltd., a prominent book printer for North American, UK, European and Asian markets under the well-known South China Printing brand. The Group's Roman Financial Press is one of Hong Kong's leading financial printers. The all-cash, approximately $95 million deal is subject to regulatory approval and is expected to close this summer.
The Group produces high quality children's illustrated and other case bound books for export. It also designs, composes, and prints financial documents and annual reports in Hong Kong and the wider Asia region. Asia Printers Group's respected brands and capabilities complement RR Donnelley's China platform and relationships with global publishing and financial customers, and expand RR Donnelley's ability to serve fast-growing segments of its book and Global Capital Markets businesses.
"We are pleased to keep our promise to expand our presence in China," said Mark A. Angelson, RR Donnelley's Chief Executive Officer. "Our unique ability to serve North American and global customers with a seamless mix of domestic and international resources offers publishers an optimum combination of cycle time and cost advantages. Although our primary goal in this transaction is to expand our book business, the acquisition also adds China-based capabilities to our Global Capital Markets financial printing business, which will enhance our ability to sell to a broader client base in the Asia capital markets."
Angelson added, "Our disciplined integration process brings the benefits of increased capabilities quickly to market, allowing RR Donnelley to translate opportunity into competitive advantage."
James T. Mauck, President RR Donnelley Asia said, "The Chinese government continues to foster an attractive business environment, affording us this opportunity to increase our book production capabilities in Guangdong. This is a fine addition for us as we continue to grow our business."
"RR Donnelley's reputation for exceptional quality, responsive service, and long-standing customer relationships make it an ideal fit for our brands," said Dominic Yim, CEO of Asia Printers Group. "As a former RR Donnelley employee I look forward to increased opportunities from which our customers and employees will benefit as we become part of the premier global provider of books and financial printing."
Asia Printers Group employs approximately 1,400 people in locations which include Dongguan, the People's Republic of China and each of Aberdeen and Central in Hong Kong.
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