St Ives has reacted to the expiration of its joint venture with Merrill at the start of the year (PrintWeek 15 October 1999) by purchasing privately-owned US financial printer Packard Press.
"If we still had the agreement with Merrill we wouldnt have been able to buy a competing business," said chairman Brian Edwards.
The firm has 175 staff, turnover of 18m ($27m), offices in New York City, Philadelphia, Boston and Florida, and a manufacturing site in Marlton, New Jersey. It was founded in 1937.
Edwards said Packard had two Heidelberg webs and two Heidelberg sheetfed presses. The firm has pre-press, folding, stitching and mailing kit in-house.
St Ives moved for Packard after reviewing "a number of opportunities" in the New York region, said Edwards. The firm prints for US domestic clients. IPO printing accounts for just over 40% of turnover, mutual funds around 25%, and the balance is made up of commercial work, including reporting.
As a result of the deal, Fulmar and Packard have given each other 90 days notice to end their co-marketing agreement. "Its not a serious issue," said Fulmar chief executive Mike Taylor.
Packard president and principal shareholder Joe Weiss will remain with the firm. The deal, for an undisclosed sum, is expected to got through on 31 May after a waiting period under the Hart-Scott-Rodino Act, the US competition law.
Packard will be integrated into Burrups, and will come under the control of Andrew Langdale, managing director of St Ives financial division. The firm will trade as Burrups Packard in the US. It joins existing Burrups plants in Paris, Frankfurt, Luxembourg and Tokyo.
Story by Gordon Carson