MIDLOTHIAN, Texas–(BUSINESS WIRE)–Ennis, Inc. (the “Company”), (NYSE:EBF), announced the completion of the merger of Wright Business Graphics, Inc. (“Wright”) with a wholly-owned Ennis-owned entity in the part of a stock merger transaction that closed on July 31, 2018. Wright Business Graphics is a printing company headquartered in Portland, Oregon. Wright has 7 locations in Oregon, Washington and California with its main facility located in Portland, Oregon. The company produces forms, pressure seals, packaging, direct mail, checks, statement processing and commercial printing. Wright had sales of approximately $58 million for its fiscal year ended March 31, 2018, and sells primarily through distributors and resellers. The purchase price was paid 55% in cash and 45% in ordinary shares of the Company based on the weighted average share price over the last 30 trading days from the date of the Agreement . The Company believes that the transaction will be accretive for its shareholders.
Keith Walters, company president, president and chief executive officer, said, “We are delighted to have the opportunity to combine Wright’s organization with Ennis’ other operations. We were able to complete the transaction sooner than expected once we received consent from the owner. The excellent quality of machinery and equipment, as well as the qualified and experienced employees, contributed to our decision-making process. With this acquisition, we will continue to be the leading provider of all types of print products and services on the West Coast. The addition of packaging, statement processing and direct mail will add to the overall capabilities of our existing operations, which should help us continue to enter new markets across the United States. This will allow for a month of results in our second quarter results. »
Operations will continue to operate under the Wright Business Graphics name and associated brands. All facilities will continue normal operations at their current location.
Since 1909, Ennis, Inc. has been primarily engaged in the production and sale of business forms and other business products. The Company is one of the largest suppliers of private label printed commercial products in the United States. Headquartered in Midlothian, Texas, the company has production and distribution facilities strategically located across the United States to service the company’s nationwide network of distributors. Ennis manufactures and sells business forms, other printed business products, printed and electronic media, presentation products, flex-o-graphics printing, advertising specialties and Post-it®, internal banking forms, plastic cards, secure and negotiable documents, envelopes, tags and labels and other personalized products. For more information, visit www.ennis.com.
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 results, performance or achievements actual results of the Company are materially different from those future results, performance or achievements 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, including, but not limited to, the Company’s ability to effectively manage its business functions while expanding its business in a rapidly changing environment, the Company’s ability to adapt and extend its services in such an environment, the variability of the prices of paper and other raw materials. Other important information regarding factors that could affect the company’s future performance is included in the company’s public filings 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. , 2018. The Company does not undertake, and hereby disclaims, any duty or obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unforeseen events, although his 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.