Cadmus Communications Corporation Announces Acquisition of Lancaster Information Group.RICHMOND, Va.--(BUSINESS WIRE)--May 22, 1996--Cadmus Communications Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. :CDMS CDMS Cryogenic Dark Matter Search CDMS Certified Disability Management Specialist CDMS Certification of Disability Management Specialists CDMS Clinical Data Management System CDMS Climate Data Management System ) has announced the acquisition of Lancaster Information Group, Inc., a producer of scientific, technical and medical journals with annual sales of approximately $58 million. The purchase price was approximately $57 million, consisting of cash and the assumption of certain indebtedness of Lancaster. Cadmus anticipates that the transaction will be neutral with respect to its financial results for its fiscal 1996 fourth quarter and will be accretive to net income in fiscal 1997. Based in Lancaster, Pennsylvania Lancaster, is a city in the South Central part of the Commonwealth of Pennsylvania and is the county seat of Lancaster County. With a population of 55,351,[1] it is the 8th largest city in Pennsylvania, behind Philadelphia, Pittsburgh, Allentown, Erie, Reading, , Lancaster is a leading producer of scientific, technical and medical journals. Lancaster produces approximately 400 titles for more than 150 customers and employs approximately 600 associates in its combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
Lancaster's facilities include a 150,000 square-foot journal printing and production facility in Lancaster, Pennsylvania, a high-end composition and electronic pre-press facility in Akron, Pennsylvania Akron is a borough in Lancaster County, Pennsylvania. It is a small town with two main roads going through it: Main Street and Pennsylvania Route 272. The town is mostly residential with a number of small businesses. , and an electronic products unit, E-DOC, with operations in Lancaster and in Baltimore, Maryland "Baltimore" redirects here. For the surrounding county, see Baltimore County, Maryland. For other uses, see Baltimore (disambiguation). Baltimore is an independent city located in the state of Maryland in the United States. . Cadmus Chairman and Chief Executive Officer, C. Stephenson Gillispie, Jr.: "We are very excited to add Lancaster to the Cadmus family. Lancaster is a well-managed and successful organization and we look forward to combining its capabilities with those of our Cadmus Journal Services operation to provide journal publishers with the best possible services available today. This transaction is consistent with our strategy of acquiring operations which strengthen existing niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. positions and which are accretive to Cadmus' net income." "This transaction represents a unique opportunity to combine the strengths and assets of two of the leading journal producers in the world today," added David G. Wilson, Jr., president and chief executive officer of Cadmus Journal Services. "It will allow us to continue to improve both the level of service and breadth of products and services we offer to our journal customers. With the addition of Lancaster's strongly complementary customer base and operations, we believe we are closer than ever to achieving our vision -- to be the best provider of integrated solutions for those who bring breakthrough information to the world." Cadmus Communications Corporation is a graphic communications company offering comprehensive, specialized products and services in three broad areas: printing, marketing, and publishing. Headquartered in Richmond, Virginia, Cadmus is one of the largest graphic communications companies in North America. CONTACT: Cadmus Communications Corporation David E. Bosher, 804/287-5685 |
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