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RR Donnelley Agrees to Acquire Perry Judd's

Press release from the issuing company

CHICAGO, Dec. 20 -- R.R. Donnelley & Sons Company announced today that it has signed a definitive agreement to acquire Perry Judd's Holdings Incorporated, a privately-owned printer of magazines and catalogs, for a purchase price of $176 million, of which approximately $47 million is for the purchase of the company's common stock and the remainder is for the purchase of the company's preferred stock and the assumption of debt. RR Donnelley expects to repay the debt at or shortly following the closing. The all cash deal is expected to close in the first quarter of 2007. Headquartered in Waterloo, Wisconsin, Perry Judd's long- and short-run capabilities for producing consumer and business-to-business catalogs as well as consumer, trade, and association magazines will complement RR Donnelley's Publishing, Catalog and Retail Services platform. "Perry Judd's is an exceptional fit with RR Donnelley," said Mark A. Angelson, RR Donnelley Chief Executive Officer. "Increasing our flexibility with the addition of Perry Judd's respected capabilities will allow us better to serve both organizations' customers and will create immediate cross selling synergies as we leverage our leading premedia, logistics, direct mail and other production and service resources." John Paloian, RR Donnelley Group President, Publishing & Retail Services, added, "The acquisition of Perry Judd's, with its 75-year history of excellence, is another example of how we will continue quickly to grow our company in ways that provide our customers with distinct competitive advantages. This geographic expansion of our comprehensive magazine and catalog manufacturing network allows us better to serve local and regional customers and at the same time adds to the flexibility of our national platform. We are excited to welcome Perry Judd's into our organization and look forward to the expertise and experience that they bring to our ongoing focus of developing best practices throughout our operations." Perry Judd's has printing facilities in Baraboo, Wisconsin, Spencer, Iowa and Strasburg, Virginia.

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