St Ives financial printing arm Burrups has made its second US acquisition in four months in the shape of Global Financial Press (GFP).


The group has bought "key assets" of the New York- and Philadelphia-based firm, which entered Chapter 11 bankruptcy protection in August.


St Ives managing director Brian Edwards said 60 GFP staff had been "offered the opportunity to work with us". The firm has a 4,500m plant in downtown New York, which houses Xerox DocuTechs and conference facilities, and a document imaging and insurance division in Philadelphia.


Edwards said St Ives had been looking at acquisitions in the US financial printing market for some time and "this was one that came up on the road".


St Ives bought Packard Press in Philadelphia in May (PrintWeek, 19 May). The group is trading in the US financial printing market as Burrups Packard. It claims to have cornered over 50% of the Philadelphia market.


Burrups Packards US turnover now totals 100m ($150m). Its main competitors are Bowne, RR Donnelley and Merrill Corporation. Burrups also has offices in the UK, Paris, Frankfurt, Luxembourg and Tokyo.


Edwards said St Ives was "not just looking (for acquisitions) on the financial side" and that it was "always looking for earnings enhancing acquisitions".


Story by Gordon Carson