MeadWestvaco
Corp. has agreed to sell its Envelope Products Group to Stamford-based
Cenveo Inc. Terms of the agreement were not disclosed, while the deal is
expected to close by the end of 2010.
“Cenveo
is focused on expanding its envelope platform, and adding the Envelope
Products Group underscores our continued strategic growth plan for the
business,” stated Robert Burton Sr., Chairman and CEO of Cenveo. The
Envelope Products Group has approximately 910 employees in the United
States.
In
other news, Cenveo has acquired Impaxx Inc., the owner of Gilbreth
Packaging Solutions, from affiliates of Aurora Capital Group, a Los
Angeles private equity firm. Gilbreth operates a facility located in
Croydon, Pennsylvania, and has approximately 75 employees.
Gilbreth
is described as a full-service manufacturer and marketer of full-body
shrink sleeves, tamper-evident neck bands and medical and electronic
tubing.
Burton
stated: “The acquisition of Gilbreth expands our specialty packaging
into the growing shrink sleeve market. Gilbreth’s product line
complements Cenveo’s existing offerings and will create immediate
cross-selling opportunities for both companies’ customers.”
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