Printronix Seeks to Acquire Assets of TallyGenicom
Irvine, California-based Printronix announced it is seeking approval from the U.S. Bankruptcy Court for the District of Delware to be named as the lead bidder in the auction of assets of TallyGenicom LP. The request comes in conjunction with TallyGenicom’s filing of a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Printronix hopes to acquire the intellectual property, inventory and equipment to integrate the TallyGenicom line-matrix and serial-matrix printer series into its own portfolio.
The sales of U.S. assets of TallyGenicom pursuant to Chapter 11 is expected to take approximately 45 days. During this time, a Printronix transition team will work with TallyGenicom to facilitate the transition, should the deal be approved. Printronix anticipates that some TallyGenicom employees could join Printronix, but will make final staffing decisions upon completion of the transaction.
“TallyGenicom has been a leading global provider of quality printing solutions,” said Robert A. Kleist, chief executive officer, Printronix. “There is a great synergy between our respective line-matrix printer businesses. By combining the TallyGenicom product line with ours, we will be able to increase the breadth and scope of Printronix’s business from both geographic and industry perspectives, should our bid be successful.”
For more information, visit www.printronix.com.