Ennis Closes on the Folder Express Acquisition
Ennis Closes on the Folder Express Acquisition
MIDLOTHIAN, Texas--(BUSINESS WIRE)-- Ennis, Inc. (the "Company"), (NYS: EBF) , today announced that it has closed on the agreement to acquire the assets of the Folder Express from Wright Printing Company of Omaha, Nebraska. The business produces folders and specialty folders for music stores and public schools. The closing occurred September 30, 2013 involving the purchase of assets and assumption of certain liabilities. Ennis will continue to stay in the current location in Omaha, Nebraska occupying the facility under a lease.
The business generated approximately $20 million a year in sales during the most recent calendar year and will continue to operate under the Folder Express and other brand names.
Keith Walters, Chairman, Chief Executive Officer and President of Ennis, Inc., commented by stating, "We are very pleased to have closed this transaction. Expanding our folder operations makes us one of the largest producers of this product in the market and gives us another state in which we operate in. These products are sold through our normal sales channel of independent distributors. Overall we feel very excited to bring the Folder Express line to our distributor channel."
Ennis, Inc. (www.ennis.com) is primarily engaged in the production and sale of business forms, apparel and other business products. The Company is one of the largest private-label printed business product suppliers in the United States. Headquartered in Midlothian, Texas, the Company has production and distribution facilities strategically located throughout the United States of America, Mexico and Canada, to serve the Company's national network of distributors. The Company, together with its subsidiaries, operates in two business segments: print and apparel. The print segment manufactures and sells business forms, other printed business products, printed and electronic media, presentation products, flex-o-graphic printing, advertising specialties and Post-it® Notes, internal bank forms, plastic cards, secure and negotiable documents, envelopes and other custom products. The apparel segment manufactures T-Shirts and distributes T-Shirts and other active-wear apparel through nine distribution centers located throughout North America.
Safe Harbor under The Private Securities Litigation Reform Act of 1995
Certain statements contained in this press release that are not historical facts are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The words "anticipate," "preliminary," "expect," "believe," "intend" and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These statements are subject to numerous uncertainties, which include, but are not limited to, the Company's ability to effectively manage its business functions while growing its business in a rapidly changing environment, the Company's ability to adapt and expand its services in such an environment, the variability in the prices of paper and other raw materials. Other important information regarding factors that may affect the Company's future performance is included in the public reports that the Company files with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K for the fiscal year ending February 28, 2013. The Company does not undertake, and hereby disclaims, any duty or obligation to update or otherwise revise any forward-looking statements to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events, although its situation and circumstances may change in the future. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.
Mr. Keith S. Walters, 972-775-9801
Chairman, Chief Executive Officer and President
Mr. Richard L. Travis, Jr., 972-775-9801
CFO, Treasurer and Principal Financial and Accounting Officer
Mr. Michael D. Magill, 972-775-9801
Executive Vice President and Secretary
KEYWORDS: United States North America Nebraska Texas
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