Corporate Express announces second major acquisition this month; company acquires Siekert & Baum, of Wisconsin.BROOMFIELD, Colo.--(BUSINESS WIRE)--Jan. 16, 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 today its acquisition of Siekert & Baum Inc., of Wauwatosa, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. . Siekert & Baum serves a three-state region of Wisconsin, Illinois and Minnesota, with estimated sales of $39 million for the fiscal year ending July 31, 1995. Siekert & Baum employs 200 people. The acquisition which closed late Friday provides for a cash purchase price of $9.5 million plus up to $2.2 million of contingent payments payable in 1996 based upon attainment of specified profitability. "Siekert & Baum is one of Midwest's oldest and finest contract stationers," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Corporate Express Founder and Chief Executive Officer Jirka Rysavy. "From all the companies we have seen, this is one of the best merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. fits. We welcome them aboard." Rick Buckley, president of Siekert & Baum, praised the merging into Corporate Express, "Corporate Express is one of the most technologically advanced office supply companies in the world and is on a path to lead the industry for years to come." Last week Corporate Express announced the agreement for another major acquisition: the office products division of Joyce International. The division had sales of approximately $107 million for fiscal 1994, with operations 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, . In an unrelated development, Corporate Express also announced that it has acquired the remaining 29.6% of stock in City-Wide Discount Office Supply Inc., of Phoenix, for approximately $2.8 million. Corporate Express acquired 70.4% of City-Wide stock in September of 1993 from the other shareholder of City-Wide. As part of this recent agreement, all litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , claims and counterclaims between a minority shareholder, City-Wide and Corporate Express (as described in the company's 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. prospectus) were dismissed. Corporate Express was founded in 1986 in Boulder Boulder, city, United States Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). , Colo., by Jirka Rysavy, its chairman and chief executive officer. Its initial public offering was completed on Sept. 30, 1994, at $16 a share. The company operates 19 regional warehouses and 57 satellite sales offices and distribution breakpoints. With the recent acquisitions, it will employ 3,700 people. CONTACT: Corporate Express Inc., Broomfield Rick Roth, 303/373-7625 or 303/373-2800 |
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