Industrial conglomerate Rockwell International Corp. will sell its Graphics Systems printing-press business to New York investment firm Stonington Partners Inc. for $600 million. The deal should be finalized this summer.
Chicago-based Graphic Systems, which posted $700 million in 1995 sales and has 2,800 employees, is the leading supplier of web offset printing-press systems for the U.S. newspaper and commercial-printing industry.
"The combination of Graphic Systems' market leadership and Stonington's financial strength creates a powerful alliance," claims Donald R. Beall, Rockwell chairman and chief executive officer. "We are confident that the newly formed business will be positioned to be very successful in the markets it serves, based on a solid foundation of innovation, customer satisfaction and one of the best work forces in the industry."
Rockwell had announced in mid-January it would sell the printing press division to focus on its electronics, automotive and aerospace businesses.
Stonington Partners will operate Graphic Systems under a newly formed company named Goss Graphic Systems Inc. Stonington partner Alexis P. Michas predicts, "With the entrepreneurial focus of a stand-alone company, we believe that Goss Graphic Systems will continue to maintain its leadership positions and grow its business."
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