HARLAND TO PURCHASE INTERCHECKS, INC.
HARLAND TO PURCHASE INTERCHECKS, INC. ATLANTA, Jan. 9 /PRNewswire/ -- John H. Harland Company
(NYSE: JH) has signed a letter of intent to purchase the net assets of Interchecks, Inc. for $50 million in cash.
The agreement is subject to due diligence and regulatory approval. Interchecks, Inc. is a Seattle-based check printer with operations concentrated on the West Coast. Interchecks is owned by the United Kingdom company Bowater plc through its United States subsidiary Rexham, Inc. Interchecks had 1991 revenues of approximately $70 million. "Purchasing Interchecks will allow attractive opportunities for Harland," said Robert R. Woodson, Harland president and chief executive officer. "The Interchecks acquisition will improve our competitive position and help us provide even better service to the financial industry." Harland expects the acquisition could have a slight dilutive impact on 1992 earnings. Atlanta-based Harland is one of the nation's largest check printers and serves the financial community with a variety of related products and services. In addition, Harland is a national participant in the data service industry, serving educational and commercial markets. The company has production facilities for its business units across the United States, Puerto Rico and Switzerland. Harland reported net sales of $286 million and net income of $44.8 million for the nine months ending Sept. 30, 1991. -0- 1/9/92 /CONTACT: Robert R. Woodson, president and chief executive officer, or Michael S. Rupe, senior vice president of Harland, 404-981-9460, or G.T. Eric Priestley, president and chief executive officer of Rexham, Inc., 704-541-2903/ (JH) CO: John H. Harland Company; Interchecks, Inc.; Rexham, Inc.; Bowater plc ST: Georgia, Washington IN: FIN SU: TNM
BN-BR -- AT005 -- 8184 01/09/92 11:28 EST
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|Date:||Jan 9, 1992|
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