RR Donnelley to buy Consolidated Graphics
Under the terms of the deal, CGX shareholders will receive $3.44 cash plus 1.651 RRD shares for each share in CGX, equivalent to a cash offer of $62 per share based on RRD’s closing share price on 23 October. RRD said this represented a total transaction value of approximately $620m, in addition to which it will assume Consolidated Graphics’ net debt of $112m. The deal, which has the unanimous agreement of both boards, is expected to close in Q1 2014, subject to the approval of CGX shareholders and the regulators. CGX chairman and chief executive Joe Davis has signed a voting agreement pledging his shareholding, representing approximately 16.5% of CGX outstanding shares, in favour of the merger. CGX reported revenues of $1bn in its results for the year ended 31 March 2013 and an EBITDA of $110m, meaning RRD’s offer (including assumption of net debt) equates to 6.6x EBITDA. One senior print executive remarked that this was “very good for a manufacturing business” adding “clearly, RRD wants to own as much market share as possible and likes CGX’s extensive digital offering – so it’s paying a premium”. RRD recorded net sales of $10.2bn for the 12 months to 31 December 2012 and an adjusted non-GAAP EBITDA of $1.2bn. RR Donnelley’s president and chief executive officer Thomas Quinlan III said: “Consolidated Graphics is an exceptional fit with RR Donnelley and we are delighted to welcome them to our organization. “This strategic combination will complement the RR Donnelley platform and further enhance our ability to provide integrated communications solutions for our valued clients across all industry verticals.” Davis said: “Consolidated Graphics’ success is due to our outstanding employees and their ability to provide the service and responsiveness of a local printing company while offering customers the flexible solutions and competitive pricing available from our wide network. “Our customers will benefit significantly from RR Donnelley’s broad range of printing capabilities and our combined geographic footprint. RR Donnelley’s customers will benefit from the planned adoption of Consolidated Graphics’ local service model for all of its commercial printing group.” Consolidated Graphics claims a world-leading position in digital printing, and is HP’s biggest customer. It runs more than 220 high-end digital presses. It has operations across the USA, a site in Japan, and has a European presence in the Czech Republic. Consolidated Graphics’ share price was at $63.60 at the time of writing....
read moreDe La Rue issues profit warning on back of banknote pricing pressure
The world’s largest security printer said it was on track to make an operating profit of around £90m in 2013/14, up 40% year-on-year, but warned it would fall short of its £100m target. De La Rue set the £100m target as the key aim of its three-year Improvement Plan, which was announced in 2011 and set the goal of raising operating profit from £40m in 2010/11 to £100m in 2013/14. The shortfall was blamed on “more challending trading conditions” for the Currency division and the Cash Processing Solutions (CPS) business, the latter of which will report an operating loss for the first half of 2013/14 and is expected to report a loss for the full year, although De La Rue said it had commenced cost-cutting action and was targeting break even for CPS in 2014/15. Of greater concern was the performance of the Currency division, where De La Rue said overcapacity in the banknote paper market had led to a “worsening pricing environment in the printed banknote market”. Based on recently confirmed orders for the second half of 2013/14 and 2014/15, this pricing pressure is expected to continue. Operating profit for the six months to 28 September 2013 was said to be around £39m, up 18% year-on-year on marginally lower revenues. Banknote print volumes in the first half fell 10% to 2.6bn notes, while banknote paper volumes rose 4% to 4,700 tonnes. The group’s 12 month order book at 28 September 2013 was £232m, up £25m on the start of the year. De La Rue will announce its interim results on 26 November 2013. De La Rue’s share price was down 9.4% at the time of writing at 889p....
read moreDe La Rue issues profit warning on back of banknote pricing pressure
The world’s largest security printer said it was on track to make an operating profit of around £90m in 2013/14, up 40% year-on-year, but warned it would fall short of its £100m target. De La Rue set the £100m target as the key aim of its three-year Improvement Plan, which was announced in 2011 and set the goal of raising operating profit from £40m in 2010/11 to £100m in 2013/14. The shortfall was blamed on “more challending trading conditions” for the Currency division and the Cash Processing Solutions (CPS) business, the latter of which will report an operating loss for the first half of 2013/14 and is expected to report a loss for the full year, although De La Rue said it had commenced cost-cutting action and was targeting break even for CPS in 2014/15. Of greater concern was the performance of the Currency division, where De La Rue said overcapacity in the banknote paper market had led to a “worsening pricing environment in the printed banknote market”. Based on recently confirmed orders for the second half of 2013/14 and 2014/15, this pricing pressure is expected to continue. Operating profit for the six months to 28 September 2013 was said to be around £39m, up 18% year-on-year on marginally lower revenues. Banknote print volumes in the first half fell 10% to 2.6bn notes, while banknote paper volumes rose 4% to 4,700 tonnes. The group’s 12 month order book at 28 September 2013 was £232m, up £25m on the start of the year. De La Rue will announce its interim results on 26 November 2013. De La Rue’s share price was down 9.4% at the time of writing at 889p....
read moreDoors open on Cross Media 2013
The two-day event focuses on the delivery of fully-integrated multi-channel marketing campaigns and includes more than 50 seminars in five theatres: print & innovation, cross media, digital & direct marketing, content marketing & publishing strategies, and the mobile marketing theatre. London Business Design Centre is hosting the event, in its second year. It is targeted at commercial printers, marketers, brand agencies, designers, publishers and other content creators looking to come up to speed on the latest technology in the communications industry. Cross Media 2013 marketing manager Andrew Thornhill said he was confident visitor numbers would hit the 3,000 mark this year, beating the inaugural 2012 show’s total of 2,500. Big draws over the two days would be virtual and augmented reality tech and the mobile theatre, he opined. “The mobile marketing theatre is proving a big hit given the public’s continued obsession with all-things mobile,” he said. “Augmented reality meanwhile is a buzzword and so many magazines have run with augmented reality campaigns recently.” Thornhill added: “The first day has got off to a good start; there are queues outside the front door, which is always a good sign. The seminar theatres are all absolutely packed and the exhibitors seem happy. We’ve carefully staggered talks to improve the flow of people.” Exhibition stands include one from 3D-technology company Inition, which will demonstrate virtual reality experiences on a Nissan-approved 3D sky-dive and a Vertical Vertigo Challenge. Elsewhere is a “hall of fame” showing off augmented reality campaigns. A “freestyle” cross-media feature meanwhile uses documobi technology to create interactive caricatures. Visitors will be drawn by a caricaturist and walked through an interactive and personalised campaign that links mobile, photo, video and social media with ‘intelligent’ print. Speakers in the print & innovation theatre include Kaspar Roos, associate director at InfoTrends, Donna Brown, joint head of production at Ogilvy One and Andrew Harris, Canon Europe and UK graphic arts customer marketing manager. DirectSmile will show off all-in-one software for marketing automation; Transeo Media will demonstrate how to create campaigns across web, e-mail, mobile and social media; while Special Moves will use gesture-control and facial-recognition technologies to create interactive portraits. Ogilvy & Mather will be run an ideas workshop, offering advice to small businesses on a range of marketing disciplines. Thornhill said: “Last year’s inaugural event gave the industry a snapshot of what is possible in the fast-evolving marketing mix. This year we have parted the curtains further to present a wider, more vibrant picture of the growing cross media market.” Visit www.crossmedialive.com...
read moreDoors open on Cross Media 2013
The two-day event focuses on the delivery of fully-integrated multi-channel marketing campaigns and includes more than 50 seminars in five theatres: print & innovation, cross media, digital & direct marketing, content marketing & publishing strategies, and the mobile marketing theatre. London Business Design Centre is hosting the event, in its second year. It is targeted at commercial printers, marketers, brand agencies, designers, publishers and other content creators looking to come up to speed on the latest technology in the communications industry. Cross Media 2013 marketing manager Andrew Thornhill said he was confident visitor numbers would hit the 3,000 mark this year, beating the inaugural 2012 show’s total of 2,500. Big draws over the two days would be virtual and augmented reality tech and the mobile theatre, he opined. “The mobile marketing theatre is proving a big hit given the public’s continued obsession with all-things mobile,” he said. “Augmented reality meanwhile is a buzzword and so many magazines have run with augmented reality campaigns recently.” Thornhill added: “The first day has got off to a good start; there are queues outside the front door, which is always a good sign. The seminar theatres are all absolutely packed and the exhibitors seem happy. We’ve carefully staggered talks to improve the flow of people.” Exhibition stands include one from 3D-technology company Inition, which will demonstrate virtual reality experiences on a Nissan-approved 3D sky-dive and a Vertical Vertigo Challenge. Elsewhere is a “hall of fame” showing off augmented reality campaigns. A “freestyle” cross-media feature meanwhile uses documobi technology to create interactive caricatures. Visitors will be drawn by a caricaturist and walked through an interactive and personalised campaign that links mobile, photo, video and social media with ‘intelligent’ print. Speakers in the print & innovation theatre include Kaspar Roos, associate director at InfoTrends, Donna Brown, joint head of production at Ogilvy One and Andrew Harris, Canon Europe and UK graphic arts customer marketing manager. DirectSmile will show off all-in-one software for marketing automation; Transeo Media will demonstrate how to create campaigns across web, e-mail, mobile and social media; while Special Moves will use gesture-control and facial-recognition technologies to create interactive portraits. Ogilvy & Mather will be run an ideas workshop, offering advice to small businesses on a range of marketing disciplines. Thornhill said: “Last year’s inaugural event gave the industry a snapshot of what is possible in the fast-evolving marketing mix. This year we have parted the curtains further to present a wider, more vibrant picture of the growing cross media market.” Visit www.crossmedialive.com...
read moreAlpha Colour revs up all-round performance with new Speedmaster
The Gloucester-based printer will install a new Speedmaster XL 75-4+LX this Christmas, its second XL 75 press, and has opted for an electric metering system on the new machine, allowing it to measure the kilowatts used in production and by extension the amount of carbon produced. The company, which holds ISO 140001, FSC and PEFC environmental certifications, said the latest press would have a 20% reduction in energy usage but up to 40% improvement in productivity over the Speedmaster CD 74 it will replace. Alpha Colour prints greetings cards, signs, business cards and brochures in runs from 50 to 1m and also handles finishing, storage and distribution from its site. In-house finishing helps meet response requirements and cuts down on transport. Energy saving comes from reducing the configuration of the press from five to four units and using DryStar 3000 dryer technology. The wash-up chemistry used on this press is also reduced. Sustainability was crucial, said operations director Dave Oldfield. “With clients such as councils and the NHS we can run a job and tell them how much carbon it uses. More and more customers are interested in carbon and this function is a key attribute in winning new contracts and tenders. We hope it will put us a step ahead of the rest.” The new machine will mop up jobs not handled by its existing Speedmaster XL 75-5 to double Alpha Colour’s litho capacity. Axis Control spectral measurement enhances quality, cuts makeready times and reduces both start up and running waste. Managing director Jeff Williams, who is passing more responsibility to operations director Dave Oldfield, technical director Richard Butt and his wife and sales director Maggie Williams, said: “Succession planning is important and the time is right for me to make way for others.” Oldfield said about 85% of work was litho although Alpha Colour has three digital machines at its plant including Mimaki large-format kit and a Ricoh Pro C901S. The new Heidelberg, with its environmental features, is expected to save not just electricity but paper and chemistry costs....
read moreFespa urges printers to ‘Dive Deeper into Digital’ in 2014
Fespa managing director Neil Felton said the strapline for the wide-format show’s sixth outing captured the same “spirit of adventure and innovation” used in previous Fespa Digital campaigns and was particularly apt for printers heading into 2014. Felton said: “In a market where technology is becoming more mature, many of the visitors to our Digital events have already reaped the early benefits from the transition from analogue to digital. “Now they are making second – or third – generation digital investments or upgrades, increasing digital capacity, and adding workflow software or finishing equipment to enhance the capabilities, productivity and functionality of their digital output equipment. “FESPA Digital 2014 will reflect this evolution, offering a high-calibre educational programme that probes beyond the initial benefits of the digital ‘revolution’, helping visitors discover more about how digital technology can help them add new capabilities and services.” The multi-channel campaign will include social media activity across Fespa’s twitter, facebook, linkedin and youtuber channels. The heart of the campaign will be the event website fespadigital.com, which has gone live today. The sixth edition of the FESPA Digital event will take place at Messe Munich, Germany, from 20 to 23 May 2014....
read moreAlpha Colour revs up all-round performance with new Speedmaster
The Gloucester-based printer will install a new Speedmaster XL 75-4+LX this Christmas, its second XL 75 press, and has opted for an electric metering system on the new machine, allowing it to measure the kilowatts used in production and by extension the amount of carbon produced. The company, which holds ISO 140001, FSC and PEFC environmental certifications, said the latest press would have a 20% reduction in energy usage but up to 40% improvement in productivity over the Speedmaster CD 74 it will replace. Alpha Colour prints greetings cards, signs, business cards and brochures in runs from 50 to 1m and also handles finishing, storage and distribution from its site. In-house finishing helps meet response requirements and cuts down on transport. Energy saving comes from reducing the configuration of the press from five to four units and using DryStar 3000 dryer technology. The wash-up chemistry used on this press is also reduced. Sustainability was crucial, said operations director Dave Oldfield. “With clients such as councils and the NHS we can run a job and tell them how much carbon it uses. More and more customers are interested in carbon and this function is a key attribute in winning new contracts and tenders. We hope it will put us a step ahead of the rest.” The new machine will mop up jobs not handled by its existing Speedmaster XL 75-5 to double Alpha Colour’s litho capacity. Axis Control spectral measurement enhances quality, cuts makeready times and reduces both start up and running waste. Managing director Jeff Williams, who is passing more responsibility to operations director Dave Oldfield, technical director Richard Butt and his wife and sales director Maggie Williams, said: “Succession planning is important and the time is right for me to make way for others.” Oldfield said about 85% of work was litho although Alpha Colour has three digital machines at its plant including Mimaki large-format kit and a Ricoh Pro C901S. The new Heidelberg, with its environmental features, is expected to save not just electricity but paper and chemistry costs....
read moreFujifilm launches white ink Uvistar Pro8
The Uvistar Pro8W, which is being given its worldwide debut in North America this week, will be available in Europe in the first half of next year, with Fespa Digital 2014 in May a likely launchpad. The Pro8W is available in 3.5m and 5m widths and can print up to 350sqm/hr on an array of media, including rigid, flexible, backlit or block-out and can print roll-to-roll, free fall or roll-to-sheet. It is fitted with two white ink channels across eight dedicated print heads and uses Fujifilm’s Uvijet QN inks, which include CMYK, Lc, Lm and Lk. Fujifilm Europe said that European pricing and availability for the Pro8W had yet to be finalised, although its predecessor cost from £212,000 (including flatbed option). White ink can be layered over or under the CMYK image and can also be used as a spot colour. Another new addition to the machine is a block-out sensor option, which Fujifilm said allows precise registration of opaque media to ensure consistent results, with a maximum deviation of 5mm over 10m. Fujifilm said that the sensor was intended to simplify the printing of two-sided banners for less-experienced operators. Meanwhile inline slitters allow media to be cut to size, reducing the need for off-line finishing. Jeffrey Nelson, business development manager, inkjet solutions, Fujifilm North America Corporation, Graphic Systems Division, said: “The Uvistar family continues to expand its capabilities every year. The Pro8 with white is a feature our customers have been requesting, and we are pleased to be able to deliver. “With its automation of rigid media handling, two-sided printing, and in-line finishing, it’s an operator’s dream machine.” The Uvistar Pro8W is being debuted at SGIA 2013 this week....
read moreFespa urges printers to ‘Dive Deeper into Digital’ in 2014
Fespa managing director Neil Felton said the strapline for the wide-format show’s sixth outing captured the same “spirit of adventure and innovation” used in previous Fespa Digital campaigns and was particularly apt for printers heading into 2014. Felton said: “In a market where technology is becoming more mature, many of the visitors to our Digital events have already reaped the early benefits from the transition from analogue to digital. “Now they are making second – or third – generation digital investments or upgrades, increasing digital capacity, and adding workflow software or finishing equipment to enhance the capabilities, productivity and functionality of their digital output equipment. “FESPA Digital 2014 will reflect this evolution, offering a high-calibre educational programme that probes beyond the initial benefits of the digital ‘revolution’, helping visitors discover more about how digital technology can help them add new capabilities and services.” The multi-channel campaign will include social media activity across Fespa’s twitter, facebook, linkedin and youtuber channels. The heart of the campaign will be the event website fespadigital.com, which has gone live today. The sixth edition of the FESPA Digital event will take place at Messe Munich, Germany, from 20 to 23 May 2014....
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