News Release
Clover Technologies Group to acquire GRC
Chatsworth, CA, December 12, 2006 - GRC (General Ribbon Corp.), one of the most respected companies in the imaging supplies industry, is joining forces with Clover Technologies Group (Clover) of Ottawa, Illinois, one of the largest and fastest growing companies in the industry. The two organizations have signed a Letter of Intent and are in the due diligence process. The deal is expected to close by mid-February, 2007.
According to Jim Daggs, President, CEO, and grandson of the founder of GRC, the past few years have been very challenging for the industry in general and for GRC in particular. "We are very fortunate to have found a partner who shares the same passion for business excellence, product quality, and customer care as we do. The merging of the two organizations will create powerful synergies to grow our customer base."
Jim Cerkleski, President and CEO of Clover agrees. "As with our Dataproducts acquisition, the addition of GRC into the Clover family brings both great talent and a proven track record. When coupled with Clover's extensive product line, superior technology, highly trained global sales organization, and global distribution network, we become an even stronger force in the hard copy imaging supplies industry."
The integration of the two organizations is expected to take 12 months or more. Customers, however, can expect to benefit from the combination of best practices from both companies immediately after the transaction is completed. Benefits to current GRC customers will include a much wider assortment of products, extensive empty collection programs, and more competitive prices to compete in a fast changing market place.
The combined company becomes the most powerful, quality and customer service driven imaging supplies solution in the industry.
