Continuing its acquisition streak, a Houston company said yesterday that it has agreed to buy Printing Corp. of America as part of a nationwide expansion.
Consolidated Graphics Inc.'s deal to buy the Timonium printer will give it a presence in the Baltimore area. Printing Corp.'s clients include T. Rowe Price Associates Inc., Blue Cross and Blue Shield of Maryland and Prudential Health Care of the Mid-Atlantic.
Neither Consolidated Graphics nor PCA, which employs 235 and is the second-largest local printer behind John D. Lucas Co., would disclose terms of the transaction.
In all, publicly held Consolidated Graphics, the fastest growing printing company in the nation, controls 46 printing businesses in 23 states and has annual revenue of more than $550 million. With PCA, Consolidated Graphics will boost its yearly sales by roughly $21 million.
"Becoming part of Consolidated Graphics' family of printers allows us to put the benefits of national scale to work to maximize productivity and minimize costs," said Richard R. Jones, PCA's president.
Consolidated Graphics' push into the Baltimore area follows the acquisition in May of French Bray Inc., an 81-year-old commercial printer whose clients include the Orioles and Ravens, by Mail-Well Inc.
PCA, which expects to complete the deal in September, was founded in 1971 by John Gowland, Eben Bray and U. A. Yates. Consolidated Graphics was formed in 1985 and went public in 1994. Its shares closed yesterday at $58.50, up 50 cents.
Joe R. Davis, Consolidated Graphics' founder and chief executive, said Consolidated Graphics has signed a letter of intent to purchase Automated Graphics Inc., a printer in Charles County.
Pub Date: 8/07/98