Goss sold to American Equity Firm

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Goss International today announced that its parent company, Shanghai Electric Corporation (SEC), has entered into a definitive agreement to sell Goss International and its subsidiaries to American Industrial Partners (AIP). The agreement forms part of a broader strategy to further strengthen Goss’ position as the world’s leading web-offset printing press supplier.

With its broad portfolio of investments, including past and current holdings in printing machinery manufacturers, AIP proved to be the clear choice for ownership of Goss, upholding the company’s current standards as a customer-focused, technology-driven market leader.

The AIP transaction is subject to successfully achieving appropriate regulatory approvals and meeting certain closing conditions. It is expected to close within the next 60 to 90 days.

“As a leading supplier of commercial web, newspaper and packaging offset printing presses, Goss is wholly committed to its valued, worldwide customer base and to the sale and support of its broad range of the industry’s most innovative products,” said Rick Nichols, CEO, Goss International.

Nichols continued, “Goss is looking forward to the next phase of its journey under new ownership. AIP is a like-minded, forward-thinking organization that will continue to support our culture of innovation and customer collaboration. Our previous owners, SEC, will now refocus on their core business interests.”

With over a billion dollars of equity capital under management currently, AIP is an operationally-oriented private equity firm with an unparalleled track record of successful investments in North American based industrial businesses that serve global markets. The printing industry is not new to AIP as the company has previously owned Day International and Mark Andy, and Presstek is currently a part of its portfolio of companies.

Nichols concluded, “SEC, since its acquisition of Goss in 2009, has been an excellent shareholder and business partner to Goss and they have set us up for success in the years ahead by selling their Goss interests to a highly qualified and committed buyer, American Industrial Partners. We look forward to building a business for the future with our new owner.”

The global press manufacturer is to shed 54 jobs out of 110 at Goss Graphic Systems, based at Greenbank Street, Preston, as it seeks to rationalise its UK operations, it said.

The company has entered into a 30-day consultation, with its staff, that is due to conclude on 18 December.

A Goss International spokesman said: “Goss International is rationalising its operations in the UK, in line with similar action in other countries, as the company evolves to become more customer focused and importantly more financially viable.

“As a result, we have made a proposal to reduce headcount at our Preston facility and have entered into a consultation period with our employees and their representatives over it.

“The market has significantly changed and, in line with action taken by Goss in other countries such as France, we need to evolve to ensure Goss International remains a market leader.”

“We recognise this is an uncertain time for our people and we are trying to resolve these conversations as quickly as possible.”

Unite regional officer, Terry Thompson, who is liaising with Goss union members and company management said: “This announcement is a huge blow for Goss employees. The printing firm is a well-established local business, which plays an important role in the Preston economy.

“Our members are devastated by the potential job losses, particularly as the news comes in the run up to Christmas. Unite is in talks with the firm’s management and will be fighting to retain every job at the site.”

The move comes amid a massive ongoing global restructure of the organization that resulted in the loss, this year, of around 300 jobs at Goss France and follows similar action last year across Goss International’s operations in Asia. Employees at the Preston site, which offers sales and servicing, faced similar restructuring in 2009 when around a third of its workforce was cut. Goss International acquired the Preston press manufacturing business in 1930.

 

Taylor Corp. Completes Acquisition of Standard Register

Taylor Corp., one of the U.S.’s largest privately held companies, announced today that it completed its acquisition of the assets of Standard Register (OTC BB: SRCT). The combined company has more than 12,000 employees working in more than 80 companies with operations in 32 states and nine countries.

“The successful close officially turns the page for Standard Register’s customers and employees and moves us into a new chapter that we believe is strengthened as a combined organization,” said Deb Taylor, CEO of Taylor Corp. “Moving forward together, we have an even broader range of communications services, products and technologies, and an experienced team dedicated to providing the highest quality customer service in the industry. As we integrate the two companies, we are finding even more ways to provide value to our customers.”

Taylor Corp. was the successful bidder for Standard Register through a bankruptcy auction held June 19, 2015. Standard Register’s Chapter 11 case will conclude when all claims are settled.