Taylor Corp. has agreed to buy 10 commercial printing facilities belonging to giant office-products retailer Staples, company officials announced Wednesday.
Taylor Corp. to buy Staples printing facilities
The purchase means the company is acquiring the assets of one of its largest customers.
April 21, 2016 at 2:39AM
Terms of the deal for the Staples Print Solutions facilities — expected to close within a few months — were not disclosed.
Taylor's purchase means it is buying the assets of one of its largest customers. Taylor Corp. has provided behind-the-scenes contract services for the Massachusetts-based Staples Print Solutions for years.
Once the deal closes, North Mankato-based Taylor is expected to cater to some of Staples' commercial clients who need printed annual reports, business brochures, business cards, labels and packaging, as well as digital communications services.
"Staples and our family of companies have been trusted partners for over 20 years," said Taylor Chief Executive Deb Taylor. "Throughout this time, we have partnered with Staples to meet the communication needs of their contract and retail business. We are honored that Staples would look to Taylor Communications and entrust us to continue to provide service to their customers and employees."
Taylor spokeswoman Dale McMichael said the deal involves many, but not all, of Staples' printing assets. Staples is expected to continue providing some printing services. Details of the deal will be released over the next few days.
For now, it is known that the Staples plants being purchased are across the country and may include facilities in Massachusetts, Omaha and Dallas.
It is not yet known how many Staples workers will become Taylor employees, McMichael said.
The Staples operations would become part of a newly formed subsidiary, Taylor Communications, she said.
The Standard Register Co., which Taylor Corp. bought last June for $307 million, also will be part of the new subsidiary.
"We are thrilled to welcome this business into our family of companies," Taylor said.
The deals are the latest acquisitions by Taylor Corp., which is a holding company for many of the diversified holdings of billionaire businessman Glen Taylor. It has more than 80 companies and 9,000 workers.
Glen Taylor also owns the Star Tribune, as well as the Minnesota Timberwolves and Lynx professional basketball teams.
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The funding is expected to give more than 5,000 Minnesotans, especially in rural areas, high-speed broadband access across the state and help at least 139 businesses and 368 farms.
