Appleton announced today that it will explore options to sell BemroseBooth, a wholly-owned subsidiary that Appleton acquired in December 2003.
BemroseBooth provides business critical products with security features and specialized print management services to the transactional services, secure logistics and promotional products markets. BemroseBooth employs more than 600 people at operations in Derby, Hull and Teesside, United Kingdom, and achieved net sales of approximately $113 million in fiscal 2006 accounting for approximately 10% of Appletons net sales in fiscal 2006.
Appletons chief executive officer, Mark Richards, said that Appleton intends to focus on its core businesses and will explore the sale of BemroseBooth because it no longer complements Appletons long-term strategic direction.
About the sale process
Appleton has retained international financial advisers, William Blair & Company, to assist with the process. Appleton is evaluating the impact that a potential sale of BemroseBooth will have on Appletons financial statements; such impact could be material in nature. Appleton said that it can offer no assurances that a transaction will occur or, if one is undertaken, its terms or timing. Appleton will provide no additional public comment about the progress or developments of this process unless its board of directors enters into a definitive sales agreement with a potential buyer.
BemroseBooth produces security-printed vouchers and payment cards, mass transit and car parking tickets, variable data labeling, high-integrity mailing and printed calendars. The company also offers print management services, such as creative design, product sourcing and stock and logistics management, through a network of external suppliers.
Appleton creates product solutions through its development and use of coating formulations and applications, encapsulation technology and secure and specialized print services. Appleton produces carbonless, thermal, security and performance packaging products. Appleton, headquartered in Appleton, Wisconsin, has manufacturing operations in Wisconsin, Ohio, Pennsylvania, Massachusetts and the United Kingdom, employs approximately 3,100 people and is 100 percent employee owned.