Taylor Corp. of Minnesota, one of the largest private graphics communications companies in North America, announced it will acquire the assets of Dayton, Ohio-based Standard Register Co., pending court approval. The news was quickly followed by a report on Daytondailynews.com that Joseph Morgan Jr. had resigned from his position as President and CEO of Standard Register to accept a leadership role with another company.
The acquisition is the result of Taylor’s successful bid for the company through a bankruptcy auction held last week. Final approval of the sale is subject to resolution of outstanding objections before the U.S. Bankruptcy Court in the District of Delaware. Pending that approval, the parties expect to complete the transaction within 45 to 60 days.
With this acquisition, Taylor expects to add over 3,000 employees from Standard Register locations around the United States and Mexico. “While Standard Register has encountered financial challenges, I have no doubt its best days are ahead,” said Deb Taylor, CEO of Taylor Corp. “The acquisition by Taylor Corp. is the best possible outcome for all involved – and most of all Standard Register’s customers. Taylor Corp. provides the strong and reliable financial foundation that will allow the company to turn the page and focus on the future.”
Standard Register Co. on March 12 announced that it and its subsidiaries filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States.
The company also announced that it is pursuing a sale process and has entered into an acquisition agreement with an affiliate of Silver Point Capital L.P., a private investment firm managing approximately US$8.5 billion in combined assets. Under the proposed purchase agreement, Standard Register’s assets will be sold for approximately US$275 million plus the assumption of certain liabilities.
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