Aug 6 2008
CSS Industries, Inc. announced today that its Berwick Offray LLC company has completed the acquisition of substantially all of the business and assets of Hampshire Paper Corp., a leading manufacturer and supplier of waxed tissue, paper, foil, and foil decorative packaging to the wholesale floral and horticultural industries. Key product categories are sold under such brands as “Guardsman®”, “Kwik Cover®” and “Krystalphane®”. A newly-formed subsidiary of Berwick Offray will continue to conduct business under the Hampshire name. The business will maintain its existing headquarters in Milford, New Hampshire.
The acquisition purchase price was $10,250,000, and is subject to certain post-closing adjustments and indemnification obligations. The Company expects the transaction to be slightly accretive to its fiscal 2009 earnings per diluted share.
“Hampshire’s products and markets are highly complimentary with the floral business of Berwick Offray. We welcome Hampshire employees, customers and vendors to the CSS family of companies,” said Christopher J. Munyan, President and Chief Executive Officer of CSS, “and we look forward to the contributions of the Hampshire organization.”
CSS also announced today that Bruce Stepanek, formerly Hampshire’s President and Chief Executive Officer, will remain with Hampshire, reporting to Scott Shea, President of Berwick Offray.
“We are fortunate to have Bruce continue his leadership role of Hampshire,” said Mr. Munyan. “Bruce has been an integral part of the growth of Hampshire, and we look forward to Bruce’s continued success in his new role.”
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