SUSSEX, WI (WTAQ) - A Wisconsin printing company says it will buy a printer from Baltimore that sought federal bankruptcy protection.
QuadGraphics of Sussex will spend $258 million to obtain Vertis Holdings Incorporated.
Quad, the state’s largest commercial printer, said the acquisition will improve its market position for direct marketing, newspaper ad inserts, and in-store marketing items.
Vertis eliminated $700 million in debt when it filed for bankruptcy in 2010 – and it filed a new bankruptcy petition to help facilitate its sale to QuadGraphics. Vertis plans to continue its present business operations for now, and Quad will announce its plans for the company early next year after the purchase is finalized.
Quad says it will use cash and existing credit to buy Vertis, which expects to have $60 million in earnings and over $1 billion in revenues at the end of its current fiscal year.