Corporate Express announces agreement to acquire the office products division of Joyce International.BROOMFIELD, Colo.--(BUSINESS WIRE)--Jan. 13, 1995--Corporate Express Inc. (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 : CEXP), one of the nation's largest suppliers of office products to large corporations announced Friday an agreement to acquire the office products division of Joyce International Inc., a diversified privately held corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation based in 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 . The office products division of Joyce has major sales and fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. locations in Massachusetts, New Jersey, Florida, Virginia, Texas, Northern and Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Sales for fiscal year ending July 31, 1994 of approximately $107 million, makes Joyce one of the largest multi-region contract stationers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Joyce Office Products Centers (JOPC JOPC Joint Optimal Power Control ) division employs approximately 385 people. Corporate Express' Founder and Chief Executive Officer, Jirka Rysavy, explained that the most recent acquisition is part of Corporate Express' growth strategy to provide the best service for its clients throughout the country. "Joyce International is an industry leader. We look forward to having them become part of the Corporate Express team." Rysavy added that Joyce "is an excellent geographic and operating fit that helps Corporate Express implement its strategic plan." The signed definitive Asset Purchase Agreement provides for a purchase price of approximately $27.5 million, subject only to working capital and similar adjustments. Joyce will repay all outstanding bank financing on or before closing. The acquisition is scheduled to close during February 1995. President of Joyce International Inc., G. Lynn Shostack, stated that the sale of its office products group to Corporate Express is a win-win situation for both parties: "I am personally very excited about the opportunities that this alliance represents for JOPC, its customers and employees. "Our business strategy and emphasis on customer service has been similar to Corporate Express'. JPOC JPOC joint planning orientation course (US DoD) JPOC Joint Project Optic Cobra JPOC Joint Psychological Operations Center has much to offer Corporate Express and Corporate Express has much to offer JOPC. I will be personally working with the senior management of Corporate Express on an ongoing basis to help both organizations achieve their goals." Corporate Express was founded in 1986 in Boulder, Colo. by Jirka Rysavy, its chairman and chief executive officer. Its initial public offering was completed on Sept. 30, 1994 at $16 per share. The company operates 19 regional warehouses and 57 satellite sales offices and distribution breakpoints. Currently, it employs approximately 3,100 people. CONTACT: Corporate Express Inc. Rick Roth, 303/373-7625 or 303/373-2800 |
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