[03/24/09]
Printronix Inc., a leading integrated supply-chain printing solutions manufacturer, announced that the U.S. Bankruptcy Court for the District of Delaware has named Printronix as the winning bidder in the court-supervised auction of certain assets of TallyGenicom LP, the U.S.-based entity of TallyGenicom. The acquired assets include the intellectual property, inventory and equipment necessary to offer TallyGenicom's line-matrix and portions of its serial-matrix and laser printer series along with the Printronix-branded product and solutions portfolio.
"We are excited at the opportunity to serve TallyGenicom's long-standing, valued customer base," said Robert A. Kleist, chief executive officer, Printronix. "One of the reasons we pursued this acquisition is that we respect TallyGenicom's strong name recognition and technology platform worldwide. We plan to market the TallyGenicom brand and product lineup in parallel to our Printronix offerings. We believe the combination of Printronix's and TallyGenicom's strong market presence will herald an era of broader geographic reach, segmented industry offerings, expanded solutions and higher levels of customer satisfaction."
By adding the TallyGenicom products to its lineup, Printronix will be able to broaden the geographic scope of its business as well as serve more industry sectors. Printronix expects the dual brand strategy to generate efficiencies that will benefit its global community. Most notably, the TallyGenicom acquisition permits Printronix to serve banking, government and health care customers better. Printronix also can work with more customers through the organic, geographic and acquisition growth that this transaction permits.
Today's announcement sets in motion another milestone in a series of strategic decisions made since Vector Capital completed its acquisition of Printronix in January 2008.
"Against the backdrop of a challenging global economic landscape, this acquisition represents a big and bold step toward Printronix's future success," said Amish Mehta, partner, Vector Capital. "In fact, the TallyGenicom acquisition is another marker in a succession of global competitive initiatives, all designed to position Printronix as the most trusted manufacturer of industrial and back-office printing as well as printing compliance solutions in the world."
During the integration of acquired assets, a Printronix transition team will work with TallyGenicom to facilitate the transition. Printronix has offered select TallyGenicom employees employment, and others will be retained through the transition period. Printronix will continue to evaluate staffing needs -- as well as other aspects of engineering, branding, marketing and logistics -- during the upcoming months of integration.
About Printronix Inc.
Since 1974, Printronix Inc. has created innovative printing solutions for the industrial marketplace and supply chain. The company is a worldwide leader in enterprise solutions for line-matrix printing and has earned an outstanding reputation for its high-performance thermal bar code and fanfold laser printing solutions. Printronix also has become an established leader in pioneering technologies, including RFID printing, bar code compliance and networked printer management. Printronix is headquartered in Irvine, Calif. For company information, see www.printronix.com.
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