Unisource to Acquire Graphic Communications, Leading Paper Broker
Press release from the issuing company
ATLANTA--Sept. 10, 2003-- Unisource Worldwide, a leading distributor of printing and imaging papers, packaging systems and maintenance supplies in North America, today announced the completion of an acquisition of Graphic Communications, one of the largest paper brokers in the United States. Terms of the transaction were not disclosed.
Graphic Communications will be combined with Websource, a paper brokerage division of Unisource. The additional customer and supplier relationships from Graphic Communication will make Unisource Worldwide a leader in paper brokerage, and broaden the range of cost-effective products the company can provide to customers. Graphic Communications had approximately $500 million in sales in 2002.
Allan Dragone, current CEO and Chairman of Graphic Communications, will become President of Unisource Paper, reporting to Chuck Tufano, Chief Executive Officer of Unisource. Dragone will work closely with Unisource's management team and regional managers to grow the company's paper brokerage and warehouse distribution business, build on supplier and vendor relationships, and support new product initiatives.
Dragone said, "Graphic Communications and Unisource both exhibit strong growth characteristics that will be accelerated by combining the strengths of our two organizations. Our paper brokerage business is a perfect fit with Unisource's distribution infrastructure, and the combination will create a well-established national company with a sustained competitive advantage in the market."
"Graphic Communications brings a strong and experienced sales, purchasing and management team to Unisource, and moves our entire organization forward toward our long-term strategic goals," said Chuck Tufano, Chief Executive Officer of Unisource. "We are looking forward to working closely with Allan and his team to build on our existing leadership positions and drive further growth."
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