R.R. Donnelley Will Merge with Moore Wallace
R.R. Donnelley, Chicago, announced that it will acquire Moore Wallace, Toronto, for $2.8 billion in stock.
The merger, which was unanimously approved by the Board of Directors from both companies, will result in a full-service, powerhouse commercial printer with over $8 billion in annual revenues and approximately 50,000 employees around the globe.
The new company, which will retain the name R.R. Donnelley, will have the capability to offer high-quality, long- and short-run print products and solutions. Mark A. Angelson, the current CEO of Moore Wallace, will become the CEO of the new company, which will be headquartered in Chicago.
"This transaction is strategically and financially compelling, bringing together the industry's most established and highly regarded companies and the industry's most advanced technologies to create a dynamic new business platform," said Angelson in a press release issued by R.R. Donnelley.
"The combination will enable the new R.R. Donnelley to offer the world's leading companies a comprehensive suite of print and related products and solutions that will meet the demands of our growing customer base. Through this combination, the new R.R. Donnelley will serve leading global, national, regional and local customers and will provide every printing need a company of any size could require."
Angelson will replace William L. Davis as CEO of R.R. Donnelley. Last July, Davis, who also serves as R.R. Donnelley's chairman and president, announced his intent to retire when a suitable replacement was found.