ACCO Brands Corporation (NYSE:ABD), a world leader in select categories of branded office products, today announced that it has retained BMO Capital Markets as its financial advisor to assist the company in completing a strategic review of its Commercial Laminating Solutions business, including a possible sale of the segment.
LINCOLNSHIRE, Ill. (Business Wire EON) November 26, 2007 --
ACCO Brands Corporation (NYSE:ABD), a world leader in select categories
of branded office products, today announced that it has retained BMO
Capital Markets as its financial advisor to assist the company in
completing a strategic review of its Commercial Laminating Solutions
business, including a possible sale of the segment.
“We are sharpening our focus and concentrating
on our strong consumer products franchise,”
said David D. Campbell, chairman and chief executive officer. “This
is a major step forward in the evolution of ACCO Brands and reflects our
unwavering commitment to increasing returns and enhancing shareholder
value.
“We are progressing with our business model,
reducing cost and investing in our products and brands,”
Campbell continued. “A more focused approach
is integral to the success of our strategy, and follows the same path we
pursued in the early 2000s when operating income margins expanded to
11%, a target we expect to achieve once again.
“Commercial Laminating Solutions is an
attractive business with a leading global market share,”
Campbell said. “We believe this business has
additional strategic alternatives that should be fully explored.
Therefore, we are prepared to consider all reasonable options for
Commercial Laminating Solutions, including a possible sale. We’re
optimistic that, in the event of a divestiture, Commercial Laminating
Solutions will thrive and continue to build on its market-leading
position, high-quality products and services, and world-class team of
managers and employees.”
About ACCO Brands Corporation
ACCO Brands Corporation is a world leader in select categories of
branded office products, with annual revenues of nearly $2 billion. Its
industry-leading brands include Day-Timer®,
Swingline®, Kensington®,
Quartet®, GBC®,
Rexel®, NOBO® and
Wilson Jones®, among others. Under the GBC
brand, the company is also a leader in the professional print finishing
market.
About BMO Capital Markets
BMO Capital Markets is a leading North American financial services
provider offering investment and corporate banking, advisory services,
treasury and market risk management, institutional investing, and
research.
Forward-Looking Statements
This press release contains statements which may constitute
"forward-looking" statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to certain risks and uncertainties, are made as
of the date hereof and the company assumes no obligation to update them.
ACCO Brands' ability to predict results or the actual effect of future
plans or strategies is inherently uncertain and actual results may
differ from those predicted depending on a variety of factors, including
but not limited to fluctuations in cost and availability of raw
materials; competition within the markets in which the company operates;
the effects of both general and extraordinary economic, political and
social conditions; the dependence of the company on certain suppliers of
manufactured products; the effect of consolidation in the office
products industry; the risk that businesses that have been combined into
the company as a result of the merger with General Binding Corporation
will not be integrated successfully; the risk that targeted cost savings
and synergies from the aforesaid merger and other previous business
combinations may not be fully realized or take longer to realize than
expected; disruption from business combinations making it more difficult
to maintain relationships with the company's customers, employees or
suppliers; foreign exchange rate fluctuations; the development,
introduction and acceptance of new products; the degree to which higher
raw material costs, and freight and distribution costs, can be passed on
to customers through selling price increases and the effect on sales
volumes as a result thereof; increases in health care, pension and other
employee welfare costs; as well as other risks and uncertainties
detailed from time to time in the company's SEC filings.
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