Business Actions: -Executed an employee furlough program with RRD paid medical benefits -Temporarily closing production facilities most heavily impacted by client volume decreases; Leveraging manufacturing scale and global footprint to shift production in order to lower costs while continuing to meet client requirements -Suspended 2020 employee merit increases across all levels of the Company -Accelerated cost reduction initiatives while continuing to assess opportunities for further reductions -Delayed capital projects and reducing consulting and other discretionary spend -Increased borrowings under the revolving credit facility as a proactive measure to preserve financial flexibility; total borrowings under the revolving credit facility were $450 million and cash on hand was approximately $460 million as of March 31, 2020. Click read more below for additional information
Express Image, a print and digital solutions provider based here, has acquired SourceOne Graphics effective February 1, 2017. As of this date, SourceOne Graphics will be conducting business as Express Image.
Of the news, Express Image’s President, Jeff Sarenpa, said: “As Express Image grows, we continue to seek out companies that can help us transform and enhance our product and service offerings that will ultimately provide greater value to our customers, employees and suppliers. With SourceOne Graphics, we saw a great opportunity in the product offerings SourceOne provides that will help us do just that.”
Of the acquisition, Paul Cowan, VP of SourceOne Graphics, stated: “We are beyond excited to be joining Express Image, an awesome, fast-growing print and technology company within our industry. We’re looking forward to the opportunity to bring our products that we’ve created to one of the leaders in the print and digital visual communications space and supporting Express Image’s efforts to drive growth for all of our customers.”
Sarenpa concluded, “This is an exciting step in Express Image’s growth and our commitment to changing and enhancing the world of visual communications with print and digital.”