NORTH MANKATO, Minn.--(BUSINESS WIRE)--Taylor Corp., one of the U.S.’s largest privately held companies and one of the top 10 graphics communications companies in North America, today announced that it will acquire the assets of Dayton, Ohio-based Standard Register (OTC BB: SRCT)
The acquisition is the result of Taylor Corp.’s successful bid for the company through a bankruptcy auction held this 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 U.S. and Mexico. “We welcome Standard Register to our family of companies,” said Deb Taylor, chief executive officer of Taylor Corp. “Standard Register’s culture of meeting and anticipating their customers’ needs aligns perfectly with ours. We are very pleased to bring aboard thousands of employees whose talents will play a significant role in the success of our company. Together, we’ll have the scale and talent we need to pursue new market opportunities through a broader range of technology offerings, products, and services.”
Taylor added, “While Standard Register has encountered financial challenges, I have no doubt its best days are ahead. 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.”
Separately, Standard Register announced that Joseph P. Morgan, Jr., president and chief executive officer, has notified the board of directors of his intent to leave the company to accept a leadership role with another company.
About Taylor Corp.
Leveraging the diverse capabilities of its more than 80 companies around the world, Taylor Corporation, one of the largest privately held companies in the U.S., helps millions of consumers celebrate events and milestones and enables businesses—including more than half of the Fortune 500—to express their brands and differentiate themselves in the marketplace. Headquartered in North Mankato, Minnesota, Taylor Corp. owns world-class companies in the U.S., Canada, Mexico, the United Kingdom, France, India, China, Bulgaria and the Philippines. For more information, visit www.taylorcorp.com.