Judge OK's Taylor Corp.'s Purchase of Standard Register
A Delaware bankruptcy judge has approved Mankato, Minnesota-based Taylor Corp.'s purchase of Standard Register Co., Dayton, Ohio, and its assets. According to the Dayton Daily News, the sale still needs approval from Standard Register's outstanding creditors, which is the final approval needed to make the sale official. However, since Taylor Corp.'s bid is $2 million higher than the only other bid for the company, which the creditors committee also approved, it is plausible to assume that they will accept this bid as well.
The winning bid for Standard Register was reportedly around $307 million.
Taylor Corp. already owns several other major print and promotional product companies, including ADG Promotional Products, Hugo, Minn.; Amsterdam Printing, Amsterdam, N.Y; ComplyRight Distribution Services, Oxnard, Calif.; and Mankato, Minnesota-based Carlson Craft, Label Works, and Navitor. Glen Taylor, the billionaire founder of Taylor Corp., also owns the NBA's Minnesota Timberwolves and the Minneapolis Star Tribune.
Standard Register has 3,500 employees, including 850 at the Dayton headquarters. It is unknown whether Standard Register would remain in Dayton under new ownership.
According to the Dayton Business Journal, in an attempt to incentivize Taylor Corp. to stay in the area, Nan Whaley, the mayor of Dayton, has reached out to the company's CEO, Deb Taylor, to discuss the situation and the city's support. The Dayton Development Coalition and JobsOhio, a nonprofit organization that helps businesses relocate and grow in the state, are also interested in getting Taylor Corp. to keep jobs in Dayton.
In other news, the Dayton Daily News reported that Standard Register President and CEO Joseph P. Morgan Jr. notified the company's board of directors that he was resigning effective June 26. Morgan has accepted a leadership role with an unnamed company, according to officials, but will continue to assist in the transition process.
"I am very proud of what we have accomplished during my 14 years with the company and believe with confidence that the future of this company is in good hands with our new owners," Morgan wrote in an email to employees obtained by the newspaper.