|
This news page will be updated regularly so stop back often to
see the new developments! For older articles see our Newsline Archives.
- March 9, 2000 -- Jostens, Inc. announced today that its
Board of Directors postponed its annual shareholders' meeting previously scheduled for
April 27th. The Board of Directors took this action to give shareholders the opportunity
to vote on the proposed merger of Jostens into a company controlled by Investcorp, as
previously announced.
- February 20, 2000 -- After completing what seems like an
endless number of school photography acquisitions over the last several years Liftouch's
sales march higher. Their 1999 fiscal years sales are now estimated to be $612
million. That is 9.3% higher then fiscal year 1998. Employment now stands at almost
17,000 people. Is there any letup in sight for this acquisition machine?
- February 11, 2000 -- Insilco Holding Company reported
that they have completed the sale of Taylor Publishing. The business unit was sold to a
newly formed company owned by Castle Harlan Partners III, L.P. for $93.48 million before
adjustments for working capital and transaction related costs.
-
- David A. Kauer, Insilco President and CEO, reiterated, "Taylor is a
fine business with solid prospects, however it does not fit our long-term strategy of
pursuing growth in our core technology and heat exchanger businesses." Kauer
concluded, "We have benefited from our long association with Taylor Publishing and
wish them much success in the future."
- February 3, 2000 -- The biggest event in the school and
sports photography industry continues to grow. The Professional School Photographers
of America 2000 convention saw record attendance this week in Las Vegas, Nevada.
This years attendance approached nearly 900 people.
-
- The continued growth of this conference is directly attributable to the
quality of the programs, speakers and information being offered by the organization.
The event is a must see for anyone in school or sports portrait imaging. If
you have not attended this event in the past we would invite you to make plans to attend
next years convention planed for February 2001 in Orlando, Florida. You can get more
information by visiting the PMA web site at http://www.pmai.org
or look for the coming announcements here on the School Portrait Network.
- February 2, 2000 -- The Professional School
Photographers of America has added a Newsline 2000 page to the Photo Marketing web site.
This new page features highlights of the PSPA Convention including a listing of the
newly elected officers. Take a look today by visiting the following link http://www.pmai.org/pma2000/pspa-newsline.htm.
- January 21, 2000 -- Gretag Imaging Group of Regensdorf
Switzerland in acquiring the entire capital of Sienna Imaging of Englewood Colorado.
Sienna Imaging's digital printing products will allow Gretag to get into event
imaging photography. The price for all of Sienna Imaging's stock will be paid in cash
between $20.5 million to $29.0 million (U.S.). The final price will depend on their
results in fiscal 2000.
- December 28, 1999 -- Shares of Jostens jumped by nearly
a third Tuesday after announcing a private investment group would acquire them for $950
million, including the assumption of $100 million in debt. Shares rose 5 15/16 to close at
24 1/4.
-
- Under the terms of the buyout, Jostens shareholders will receive $25.25 per share in
cash for approximately 98 percent of the company's outstanding stock. The offer represents
a premium of 38 percent over Monday's closing price of $18.31. The remaining 2 percent of
the outstanding shares will constitute approximately 6 percent of the post-merger equity.
The company said they expect Jostens shareholders to vote on the proposed merger in about
90 days.
-
- Jostens will keep its headquarters in Minneapolis and present management will continue
to lead the company in focusing on the school market, the company said. Investcorp which is based in Manama,
Bahrain (Map, Facts) has an outstanding track record of investing in other companies
including Circle K, Gucci, Simmons, Star Market and Tiffany & Company.
-
- Under the terms of the deal, Jostens will be merged into a company
controlled by Investcorp and other international coinvestors under a definitive agreement.
Following the merger, Jostens will be 94 percent owned by Investcorp and other
international coinvestors; DB Capital Partners, an affiliate of Deutsche Bank; and Jostens
senior management.
-
- The company said that this transaction is good news for their
shareholders who will receive a premium of almost 40 percent above the recent share price
as well as for customers who will benefit as they continue to expand their strong
school-market presence with new products and services.
- December 28, 1999 -- Jostens announced it will take a one-time pre-tax
charge of $20 million in the fourth quarter to pay for a realignment aimed at
increasing growth in its' school-based business operations.
-
- The nonrecurring charge will include costs of eliminating approximately 100 full-time
positions throughout the company. These employment reductions include the positions of
chief operating officer, vice president of consumer marketing and channel development as
well as two vice presidents.
- December 20, 1999 -- Insilco Holding Company announced today that it
signed a definitive agreement for the sale of Taylor Publishing to a newly formed company
owned by Castle Harlan Partners III, LP for proceeds of $93.48 million subject to
adjustments for working capital and other transaction-related costs. The sale, which is
expected to be completed the first quarter of 2000.
-
- Taylor Publishing which is headquartered in Dallas Texas, is a leader in the production
of school yearbooks. It was founded more then 60 years ago. For the year ended
December 31, 1998, Taylor had sales of $101 million and employed more than 1,300 people.
-
- David Kauer the President and CEO of Insilco, said, ``While Taylor is a fine business
unit with solid prospects, the company does not fit with our long- term strategy to pursue
growth in our heat exchanger and technologies businesses. As we have previously disclosed,
we continue to look for opportunities to reduce our debt and refine our focus on our core
business groups. Taylor Publishing has been a part of the Insilco family since the late
1960s and we appreciate the many years of hard-work and dedication provided by the
associates at Taylor and wish them the best for the future.''
- December 17, 1999 -- Chris R. Burton of PhotoLynx, Inc. and Robert W.
Kerr of Royal Photographics, Inc. both advisors to the School Portrait Network are set to
speak at the PSPA 2000 Convention in Las Vegas.
-
- Chris will speak on "Techniques for Automating School and Sports Photography"
while Robert will give a presentation entitled "Underclass Proofing - A New
Approach". Both Chris and Robert would welcome your attendance and
participation.
- December 16, 1999 -- Jostens stock price declined to its second 52 week
low in as many weeks. The stock closed today at 17 13/16. This new low
might signal that a change in the business structure is needed to help improve the
companies stock performance. We will continue to watch the company to see what this might
mean to the future of their school portrait division in particular. Since this
division currently brings in less then 7 percent of the company's total sales it may very
experience some changes soon.
- December 10, 1999 -- With only weeks to go before the
start of our industries most important event, it is time to make your final plans to
attend the Professional School Photographers of America convention 2000. The
convention will run from January 31 to February 2, 2000 in Las Vegas Nevada. If you
have not ever attended this event we would suggest to you that it is a must for your
professional growth in the school photography market. You can call the PMA
convention telephone number at 800-248-8804 for more information.
- December 6, 1999 -- Jostens stock price hit a new 52
week low in trading today. It closed today at 18 1/8 per share due to what seems to be a
continuing under-performance in earnings.
- October 17, 1999 -- CHARLOTTE, NC --Lifetouch is
reaching out to victims of Hurricane Floyd. The company has developed a free brochure on
how flood victims can salvage photos and negatives. The Regional Sales Manager for
Lifetouch, John Parrish says the company is also reprinting 73-thousand school pictures
taken this year for students in the affected areas. They will also offer family portrait
sittings as well as two eight-by-ten-portrait sheets for families in Eastern North
Carolina region through their JC Penny Portrait Studios Division.
Newsline
Archives
|
