CSS Industries, Inc. Announces Acquisition of Substantially All of the Assets of Lawrence Schiff Silk Mills, Inc. Out of Bank...
July 08 2016 - 4:30PM
Business Wire
CSS Industries, Inc. (NYSE: CSS) announced today that it has
completed the acquisition of substantially all of the assets of
Lawrence Schiff Silk Mills, Inc. (“Schiff”). Schiff was a leading
U.S. manufacturer and distributor of narrow woven ribbon prior to
its April 2016 Chapter 11 bankruptcy filing. The sale of Schiff to
CSS was recently approved by the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania. CSS will not be operating the
Schiff business, and will be relocating certain acquired Schiff
equipment and inventory to CSS’ existing facilities. The
transaction reflects the Company’s strategy of growing its business
through strategic acquisitions.
“We have admired the Schiff business for many years,” said
Christopher J. Munyan, CSS’ President and Chief Executive Officer.
“With this acquisition, we gain unique weaving capabilities in our
U.S. facilities. We also look forward to working with some of
Schiff’s long-standing customers, some of which are new to us, to
continue to supply them with superior, U.S. made product.”
CSS is a consumer products company primarily engaged in the
design, manufacture, procurement, distribution and sale of all
occasion and seasonal social expression products, principally to
mass market retailers. These all occasion and seasonal products
include decorative ribbons and bows, classroom exchange Valentines,
infant products, journals, buttons, boxed greeting cards, gift
tags, gift card holders, gift bags, gift wrap, decorations, floral
accessories, craft and educational products, Easter egg dyes and
novelties, memory books, scrapbooks, stickers, stationery, and
other items that commemorate life’s celebrations.
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
including, among others, statements relating to the Company’s
strategy of growing its business through strategic acquisitions,
the Company’s acquisition of unique weaving capabilities, and the
opportunity to supply some of the Schiff customers. Forward-looking
statements are based on the beliefs of the Company’s management as
well as assumptions made by and information currently available to
the Company’s management as to future events and financial
performance with respect to the Company’s operations.
Forward-looking statements speak only as of the date made. The
Company undertakes no obligation to update any forward-looking
statements to reflect the events or circumstances arising after the
date as of which they were made. Actual events or results may
differ materially from those discussed in forward-looking
statements as a result of various factors, including without
limitation, risks associated with the acquisition of the Schiff
business, including the risk that the Company may not be able to
successfully manage and integrate the Schiff business and/or obtain
the accretive financial benefits currently expected from the
acquisition of the Schiff business; risks associated with the
Company's acquisition strategy, including risks associated with
identifying suitable acquisition candidates, acquiring acquisition
candidates on commercially reasonable terms, and successfully
managing and integrating acquired businesses; general market and
economic conditions; increased competition (including competition
from foreign products which may be imported at less than fair value
and from foreign products which may benefit from foreign
governmental subsidies); increased operating costs, including
labor-related and energy costs and costs relating to the imposition
or retrospective application of duties on imported products;
currency risks and other risks associated with international
markets; the risk that customers may become insolvent, may delay
payments or may impose deductions or penalties on amounts owed to
the Company; costs of compliance with governmental regulations and
government investigations; liability associated with non-compliance
with governmental regulations, including regulations pertaining to
the environment, Federal and state employment laws, and import and
export controls and customs laws; and other factors described more
fully in the Company’s annual report on Form 10-K for the fiscal
year ended March 31, 2016 and elsewhere in the Company’s filings
with the Securities and Exchange Commission. As a result of these
factors, readers are cautioned not to place undue reliance on any
forward-looking statements included herein or that may be made
elsewhere from time to time by, or on behalf of, the Company.
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version on businesswire.com: http://www.businesswire.com/news/home/20160708005814/en/
CSS Industries, Inc.Vincent A. PaccapanicciaChief Financial
Officer610-729-3750
CSS Industries (NYSE:CSS)
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