Ennis, Inc. (the “Company”), (NYSE: EBF), announced the completion of the merger of Wright Business Graphics, Inc. (“Wright”) with a wholly owned entity of Ennis in 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 business produces forms, pressure seal, packaging, direct mail, checks, statement processing and commercial printing. Wright had approximately $58 million in sales for its fiscal year ended March 31, 2018 and sells mainly through distributors and resellers. The purchase price was paid 55% in cash, and 45% in the Company’s common stock based on the weighted average share price based on the previous 30 trading days from the date of the Agreement. The Company believes the transaction will be accretive to its shareholders.
Keith Walters, Chairman, President & CEO of the Company, stated, “We are delighted to have the opportunity to combine the Wright organization with the other operations of Ennis. We were able to close the transaction earlier than expected once we received landlord consents. The excellent quality of the machinery and equipment, along with the qualified and experienced employees, contributed to our decision making process. With this acquisition we will continue to be the preeminent provider of all types of printed products and services to 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 to continue to penetrate additional markets throughout the United States. This will allow one month of results in our second quarter results.”
The operations will continue to operate as Wright Business Graphics and related brand names. All of the facilities will continue their normal operations in their current locations.
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