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ACCO Brands Corporation Announces Completion Of Spin-Off/Merger
Transactions Create One of World's Largest Suppliers of Branded Office Products
ACCO Brands Trading on NYSE Under Symbol ABD
Lincolnshire, IL, August 17, 2005 – Following the completion of its spin-off/merger, ACCO Brands Corporation (NYSE: ABD) today announced that its common stock began trading on the New York Stock Exchange under the ticker symbol ABD. ACCO Brands is a newly-created company formed through the spin-off of Fortune Brands' ACCO World Office Products unit and its merger with General Binding Corporation (GBC), which was completed early this morning.
ACCO Brands is a world leader in branded office products, and its portfolio of industry-leading brands includes Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. With annual revenues of nearly $2 billion, the Company markets its products in more than 100 countries across the globe and employs approximately 8,000 people worldwide.
David Campbell, ACCO Brands' Chairman and Chief Executive Officer, said, "Today marks the start of what we expect will be an exciting future for ACCO Brands, as we focus on stepped-up innovation as well as low-cost supply chains and shared services. Approximately 85% of our sales are from brands with number one or number two market positions. Our broad portfolio of leading brands, worldwide distribution reach, and shared services capability are unique in the industry. We will immediately begin executing our detailed integration plans, which includes achieving the previously-disclosed annual target of $40 million in net cost synergies by the end of 2007.
"As proven operators with a scalable business model and strong cash generation, we plan to reduce our debt levels during the integration period. Longer-term, while maintaining our focus on internal growth, we will pursue targeted, high-return acquisitions, leveraging our existing infrastructure in the large and fragmented office products industry."
Under the terms of the spin-off and merger, Fortune Brands shareholders will receive one share of ACCO Brands stock for every 4.255 shares of Fortune Brands stock they hold while retaining their Fortune Brands stock. GBC shareholders will receive one ACCO Brands share for each GBC share they own. Immediately following the merger, there were approximately 52.2 million shares of ACCO Brands common stock outstanding.
About ACCO Brands
ACCO Brands Corporation (NYSE: ABD) is a world leader in branded office products, with annual revenues of nearly $2 billion. Its industry-leading brands include Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. Under the GBC brand, the Company is also a leader in the professional printing market.
Forward-Looking Statements
This press release contains statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of ACCO Brands, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "forecast," "project," "plan," or similar expressions. ACCO Brands' ability to predict results or the actual effect of future plans or strategies is inherently uncertain and actual results may differ from those predicted. ACCO Brands undertakes no obligation to update these forward-looking statements in the future. Among the factors that could cause plans, actions and results to differ materially from current expectations are: competition within the office products, document finishing and film lamination industries; the effects of economic and political conditions; the ability of distributors to successfully market and sell our products; the availability and price of raw materials; dependence on certain suppliers of manufactured products; the effect of consolidation in the office products industry; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; as well as other risks and uncertainties detailed from time to time in ACCO Brands' Securities and Exchange Commission filings.
ACCO Brands Trading on NYSE Under Symbol ABD
Lincolnshire, IL, August 17, 2005 – Following the completion of its spin-off/merger, ACCO Brands Corporation (NYSE: ABD) today announced that its common stock began trading on the New York Stock Exchange under the ticker symbol ABD. ACCO Brands is a newly-created company formed through the spin-off of Fortune Brands' ACCO World Office Products unit and its merger with General Binding Corporation (GBC), which was completed early this morning.
ACCO Brands is a world leader in branded office products, and its portfolio of industry-leading brands includes Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. With annual revenues of nearly $2 billion, the Company markets its products in more than 100 countries across the globe and employs approximately 8,000 people worldwide.
David Campbell, ACCO Brands' Chairman and Chief Executive Officer, said, "Today marks the start of what we expect will be an exciting future for ACCO Brands, as we focus on stepped-up innovation as well as low-cost supply chains and shared services. Approximately 85% of our sales are from brands with number one or number two market positions. Our broad portfolio of leading brands, worldwide distribution reach, and shared services capability are unique in the industry. We will immediately begin executing our detailed integration plans, which includes achieving the previously-disclosed annual target of $40 million in net cost synergies by the end of 2007.
"As proven operators with a scalable business model and strong cash generation, we plan to reduce our debt levels during the integration period. Longer-term, while maintaining our focus on internal growth, we will pursue targeted, high-return acquisitions, leveraging our existing infrastructure in the large and fragmented office products industry."
Under the terms of the spin-off and merger, Fortune Brands shareholders will receive one share of ACCO Brands stock for every 4.255 shares of Fortune Brands stock they hold while retaining their Fortune Brands stock. GBC shareholders will receive one ACCO Brands share for each GBC share they own. Immediately following the merger, there were approximately 52.2 million shares of ACCO Brands common stock outstanding.
About ACCO Brands
ACCO Brands Corporation (NYSE: ABD) is a world leader in branded office products, with annual revenues of nearly $2 billion. Its industry-leading brands include Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. Under the GBC brand, the Company is also a leader in the professional printing market.
Forward-Looking Statements
This press release contains statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of ACCO Brands, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "forecast," "project," "plan," or similar expressions. ACCO Brands' ability to predict results or the actual effect of future plans or strategies is inherently uncertain and actual results may differ from those predicted. ACCO Brands undertakes no obligation to update these forward-looking statements in the future. Among the factors that could cause plans, actions and results to differ materially from current expectations are: competition within the office products, document finishing and film lamination industries; the effects of economic and political conditions; the ability of distributors to successfully market and sell our products; the availability and price of raw materials; dependence on certain suppliers of manufactured products; the effect of consolidation in the office products industry; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; as well as other risks and uncertainties detailed from time to time in ACCO Brands' Securities and Exchange Commission filings.
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