Printing firm R.R. Donnelley plans to buy Canadian commercial printer Moore Wallace for $2.8 billion, plus debt, the companies announced.
The combined company will have more than $8 billion in annual revenue, said a Moore Wallace statement. This is nearly double Donnelley’s 2002 revenue of $4.8 billion.
Donnelley, a printer of catalogs and phone books, will add bills and label printing to its services with the acquisition.
William L. Davis, Chairman, President and CEO of RR Donnelley, said, “The transaction will place the new R.R. Donnelley among the Fortune 250,” said William L. Davis, chairman and CEO of R.R. Donnelley. “It is great news for our customers, our employees and our shareholders.”
Donnelley will also assume nearly $900 million in Moore Wallace debt in the deal.
The combined company will retain the R.R. Donnelley name and will be headquartered in Chicago. Both boards of directors have approved the transaction.
When the deal is finalized, Mark A. Angelson, CEO of Moore Wallace, will become CEO of the new R.R. Donnelley. He will succeed William L. Davis, CEO of Moore Wallace.
Longtime RR Donnelley Director Stephen M. Wolf is to become non-executive chairman of the board of the new firm.
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