The Standard Register Company (the “Company”) today announced that it and its subsidiaries have filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company also announced that it is pursuing a sale process and has entered into an acquisition agreement with an affiliate of Silver Point Capital, L.P. The agreement was submitted to the Bankruptcy Court today. Under the proposed agreement, the Company’s assets will be sold for approximately $275 million plus the assumption of certain other liabilities. The sale agreement contemplates a Court-supervised auction process, which is designed to facilitate a competitive sale process.
Allen Press, Inc. is excited to announce the purchase of a Muller Martini Tempo 22 Saddle Stitcher. The Tempo 22 is among the world’s fastest saddle stitchers, producing up to 22,000 booklets per hour.
The acquisition further cements Allen Press’ position as the most advanced and versatile printing company in Kansas and Missouri. Customers will benefit greatly from this technological marvel which will deliver faster turnaround times, top quality and greater efficiencies on the production of all 8 ½ x 11 range saddle stitched materials.
“We have built an aspirational and world-class equipment list over the last few years, now besting even our largest competitors in the Kansas City area,” said Randy Radosevich, Allen Press CEO. “Adding the Tempo 22 further highlights our ascension to being an industry leader. This is very exciting for Allen Press, our partners, and the entire Lawrence, KS community.”
Saddle stitching is the primary binding technique for a variety of printed materials including magazines, publications, booklets, annual reports and catalogs. The Tempo 22 can produce these materials at lightning speeds. In most cases producing booklets three times faster than normal stitching machines, while also offering inline and fully automated inkjetting, cross-strapping and shrink-wrapping options.
“We’re excited to let our customer community know about our newest acquisition and what it means for their projects. And even more new technology is coming, so stay tuned!”, said Maria Preston-Cargill, Senior Vice President, Sales and Marketing.
The Tempo 22 is expected to arrive next month with installation and testing to be completed by month-end.