American Pad & Paper Co., strengthening management, forms office of the chairman.DALLAS--(BUSINESS WIRE)--Aug. 19, 1996--American Pad & Paper Co. (NYSE NYSE See: New York Stock Exchange :AGP (Accelerated Graphics Port) A high-speed 32-bit port from Intel for attaching a display adapter to a PC. It provides a direct connection between the card and memory, and only one AGP slot is on the motherboard. ), a leading manufacturer of paper-based office products, has created the Office of the Chairman to further strengthen management, Charles G. Hanson III, chairman and chief executive officer announced today. Hanson announced the appointment of Russell M. Gard vice chairman, Operations, and Gregory M. Benson vice chairman, Finance. Gard will continue as president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Benson will continue as executive vice president and director of Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. and Acquisition. Hanson also announced the appointment of Kevin W. McAleer as chief financial officer. McAleer joined American Pad & Paper in June from Rexene Corp. where he had been executive vice president and chief financial officer. "These moves reflect the commitment of the company to remain focused on its strategic plan of growth internally and through acquisition," said Hanson. "Already this year we have expanded our position in the envelope market with the acquisition of Niagara Envelope Co. We also sold a non-core division, completed an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. and secured a $300 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. American Pad & Paper offers a broad assortment of products through its two divisions, Ampad (writing pads, file folders and retail envelopes) and Williamhouse (business envelopes). Its customers are Contract Stationers, Mass Market Retailers, Office Product Superstores, Paper Merchants and Wholesalers. Serving multiple channels of distribution with three distinct product categories American Pad & Paper is unique within the industry. The company was formed by six acquisitions made since July 1992. -0- This report contains forward-looking statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future financial results. Actual results may differ as a result of factors over which the company has no control, including the strength of domestic and foreign economies, slower than anticipated sales growth, price and product competition and increases in raw material costs. Additional information which could affect the company's financial results is included in the company's prospectus on file with the Securities and Exchange Commission. CONTACT: Kevin W. McAleer American Pad & Paper Co. 214/733-6200 or Richard E. Nicolazzo Nicolazzo & Associates 617/227-4150 |
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