Anacomp and First Data Announce Agreement for Anacomp to Purchase First Image Management Company
SAN DIEGO and ATLANTA, May 6 /PRNewswire/ -- Anacomp(R), Inc. (Nasdaq: ANCO) and First Data Corporation, Inc. (NYSE: FDC) jointly announced today that the two companies have executed an agreement for Anacomp to purchase the assets of First Image Management Company, a division of First Data Corporation. The transaction is valued at approximately $150 million and will result in no material gain or loss to First Data.
First Image consists of the following businesses: the transformation of computer-generated data and images to microfilm and compact disc, print/mail services, and data entry/image scanning services, all provided to customers on an outsourcing basis. The three businesses generated annual revenues of $219.6 million in fiscal 1997.
The purchase is subject to certain conditions, including, among others, compliance with regulatory requirements. It is expected that the transaction will close by mid-June 1998.
Ralph W. Koehrer, president and chief executive officer of Anacomp, said, "The acquisition of First Image will enhance Anacomp's capabilities in providing the full spectrum of integrated information management solutions to its clients. We welcome the employees of First Image to our family of businesses and are committed together to becoming a full-solutions provider and partner to our clients around the world."
"The combination of Anacomp and First Image will produce enhanced products and solutions for our clients, delivered by a company with an outstanding service reputation," said Gary Trainor, president of First Image.
Serving customers throughout the world, Anacomp provides products and services that manage corporate information throughout its life cycle. |
