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Article: Phoenix Color Owners Ink Deal with Visant
- Article from:
- Quad - State Business Journal
- Article date:
- March 1, 2008
- Author:
CopyrightCopyright News for Business, Inc. Mar 2008. Provided by ProQuest LLC. (Hide copyright information)
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Hagerstown-based Phoenix Color Corporation has signed an agreement to be acquired by Visant Holding Corporation of Armonk, N. Y., for $219 million dollars in cash. That figure includes $105 million of Phoenix subordinated notes, which Paul Carousso, Visant's vice president of finance, said would be paid off when the deal closes.
In a press release, Visant offered the usual assurances to employees of the acquired company: the new owner has no immediate plans for employment changes at Phoenix operations, either in Hagerstown or Rockaway, N.J. Book components-jackets and covers-are produced in Hagerstown, while specialty books are assembled in Rockaway.
But privately-held Visant, controlled by ...