Bowne to Sell Commercial Print Operation in Montreal to Existing Management Group.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , TORONTO & MONTREAL--(BUSINESS WIRE)--March 15, 2001 Bowne & Co., Inc. (NYSE NYSE See: New York Stock Exchange :BNE BNE Biblioteca Nacional de España (National Library of Spain) BNE Board of Nurse Examiners BNE Buffalo Niagara Enterprise (economic development organization; New York) BNE Branch If Not Equal ) the world's largest financial printer and a leader in document and information management, today announced plans to sell the commercial printing component of its Montreal subsidiary, Bowne de Montreal, Inc. The company has accepted a letter of intent from the existing management group at its Montreal plant to purchase the commercial print and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. . The sale does not include the financial printing segment of its business. The sale is scheduled for completion by May 17, 2001. Plans call for the company's financial print and manufacturing requirements in Montreal to continue to be met via a working agreement with the new company. Additional terms were not disclosed. Jeff Chipman, President of Bowne's Canadian Region, said that the company will continue to provide financial printing services in Montreal. Bowne's Montreal-based financial sales, typesetting typesetting: see printing. typesetting Setting of type for use in any of various printing processes. Type for printing, using woodblocks, was invented in China in the 11th century, and movable type using metal molds had appeared in Korea by the 13th and customer service personnel will relocate to new downtown offices conveniently located in walking distance of the Montreal legal and financial community. "We have taken this downtown service facility approach at most of our locations around the world and it is very well-received by our customers." continued Mr. Chipman. He also stated that this sale of the commercial business is consistent with Bowne's decision to selectively reconfigure its investment in commercial print manufacturing capacity on a worldwide basis. Jamie Barbieri, the current Vice President and General Manager of Bowne de Montreal, is leading the management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. and will be the majority and controlling shareholder of the new company. "We are very excited about this transaction and look forward to the ongoing business relationship with our friends at Bowne. We plan to continue to develop our commercial printing business while maintaining the superior levels of service and quality our customers have grown accustomed to over the years. Our customers and employees will be delighted to know that we intend to invest in some of the latest and most sophisticated commercial printing equipment and technology the industry has to offer." said Mr. Barbieri. Bowne & Co., Inc., established in 1775, is the global market leader in the field of empowering information by combining superior customer service with appropriate new technologies to manage, repurpose To change the media format; for example, to go from print to online. and distribute a client's information to any audience, through any medium, in any language, anywhere in the world. The world's largest financial printer, Bowne is also the leading provider of localization Customizing software and documentation for a particular country. It includes the translation of menus and messages into the native spoken language as well as changes in the user interface to accommodate different alphabets and culture. See internationalization and l10n. services to the software industry, and among the leading Internet development companies, providers of outsourcing services, legal software and digital print-on-demand solutions. |
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