Nothing is easier to access and
more reliable
than a paper copy of your taxes," said John Burke, senior vice
president of business
services at Staples. Our successful realignment
gives us an excellent foundation for future growth
.S.01 billion in 2004, and include such leading consumer brands as
Moen, Titleist, Jim Beam, Aristokraft
, Therma-Tru, FootJoy and Master
Lock. For 2005, on a continuing operations basis, Fortune Brands
is
targeting diluted EPS before charges/gains to grow at a double-digit
rate, consistent with
its long-term growth goal. Major spirits and wine
brands sold by units of Jim Beam Brands Worldwide
, Inc. Fortune Brands', ACCO's and
GBC's ability to predict results or the actual effect of future
plans
or strategies is inherently uncertain and actual results may differ
from those predicted
.6% 22.4 $53.)
The above measures are used to determine the returns
generated by
operating subsidiaries and to evaluate and identify cost-reduction
initiatives.
shredder tock
More
information is available at www.S. (NYSE:FO):
Combined ACCO-GBC Enterprise Will Boast Exceptional
Brand
Portfolio and Increased Scale in Growing Office Products
Market
Conference
Call Today at 9:15 AM ET to Discuss Spin-Off and
Merger
In moves to enhance shareholder
value, Fortune Brands, Inc.
shareholders of both companies.
Excellent Strategic Fit Creates
Office Products Powerhouse
"ACCO and GBC are an excellent strategic fit, and we're excited
about
our growth opportunities as a combined independent, publicly
traded company," said David Campbell
, president + CEO of ACCO World,
who will lead the new company as chairman + CEO."
Brand Strength
of Combined Company
ACCO World generated sales of $1.labeler jtf
2 million 2004 returns had been filed electronically
, up 2. In 2004, Staples saw an increase of
18% over 2003 in shredder sales.6 million
shredders
that cross-cut paper into small pieces and destroy credit
cards, floppy and compact discs.
To
make it easy for last-minute tax filers to get a free copy of
their tax return, mobile Staples Copy
+ Print Centers will be set up
at select post offices across the country on April 15th.staples. With
2004 sales of $14.4 billion,
Staples serves consumers and businesses ranging from home-based
businesses
to Fortune 500 companies in 21 countries throughout North
and South America, Europe and Asia. Combining
our two
companies' strengths will increase our product breadth and provide
excellent opportunities
to increase efficiencies. Its leading
brands include:
-- GBC (the global leader in binding
and laminating equipment and
supplies, and a leader in personal and desktop shredders)
--
Quartet (a leader in wholesale presentation boards and
accessories in North America)
--
Ibico (a leader in binding and laminating equipment and
supplies in Europe)
By combining geographic
strengths, the new company will also have
leading positions in key geographic markets. These
products
are designed to help people enhance printed materials and
organize and communicate ideas.
This
material is not a substitute for the registration statement
ACCO and GBC will file with the Securities
and Exchange Commission in
connection with the transaction, or the proxy
statement/prospectus
-information statement to be mailed to
stockholders.
($6.5
$21.wheelwriters dymo
private auditing standards.
About the Cawley Group (TCG)
The Cawley Group
, LLP, is a New Jersey-based, strategic Public and
Media Relations consulting firm specializing in
hands-on, customized
communications services and support for entrepreneurial start-up,
small cap
and established companies.1 billion. In addition, the
spin-off will not impact Fortune Brands' current
dividend rate.
The company also noted that ACCO World has a minority shareholder,
whose interest
is approximately 2%, who will receive a proportionate
amount of the pre-spin dividend and new company
shares.gov, or by
directing a request when such a filing is made to ACCO World
Corporation, 300
Tower Parkway, Lincolnshire, IL, 60069, Attention:
Investor Relations; or by directing a request
when such a filing is
made to General Binding Corporation, One GBC Plaza, Northbrook, IL,
60062
, Attention: Investor Relations.stampsandengraving jtf
Headquartered outside of Boston,
Staples operates approximately 1
,680 office superstores and also
serves its customers through mail order catalog, e-commerce and
contract
businesses.
The Cawley Group, a New Jersey-based public relations consultancy,
will handle external
communications for Royal, including corporate
positioning, media relations, consumer and product
promotions,
marketing initiatives and new product rollouts.
-- Fortune Brands shareholders
of record will, in addition to
retaining all of their shares of Fortune Brands stock, receive
one
share of Acco Brands Corporation for approximately every
4. ACCO's proven management team has the
opportunity to create
significant value by merging with GBC, and the spin-off will provide
shareholders
of both companies the opportunity to participate in the
new company's upside potential.S. Above all
, we see excellent opportunities to drive
growth, enhance returns and create value for shareholders
in the
future.gbc. These
forward-looking statements, which are based on certain assumptions and
describe future plans, strategies and expectations of Fortune Brands,
ACCO World and GBC, are
generally identifiable by use of the words
"believe," "expect," "intend," "anticipate," "estimate
," "forecast,"
"project," "plan," or similar expressions.
Facts About FORTUNE BRANDS
Number
of Employees: 32,000
Sales: $7.
Net Income:
$783.0
% of sales 12% 7%
Depreciation + amortization
$29.
Investors believe these measures provide helpful supplemental
information regarding
the underlying results of the businesses from
year to year.
endorsers embossers
com
About AICPA
The
American Institute of Certified Public Accountants
(www.
About Royal Consumer Information
Products
Royal Consumer Information Products, Inc.S." The broad categories in which the combined
company's
brands compete represent approximately $40 billion in sales in the
U. Our brands, product
lines and cultures are a great
fit with ACCO's.3 million and operating income
before charges of
$53.8 million
-- Office $1.5
Operating Income $109
.laminators imprinters
Staples Copy + Print Centers are full-service centers that make
copying and printing easy for
small businesses and guarantee its
quality and service.Royal Consumer Information Products Taps The
Cawley Group for External PR
"ACCO has achieved
success over the past three years by creating
low-cost state-of-the
art supply chains, highly efficient shared support services, and a
sharply
focused go-to-market strategy. The merger with
GBC is the next logical step forward. As the world
's largest
supplier of branded office products, Acco Brands will support the
consumer's need for
greater productivity - at work, at home, at school
and on the road."
Dennis Martin, chairman,
president and CEO of GBC, said, "We're
very excited about the prospects of being a significant part
of Acco
Brands Corporation, and we're confident that combining these two
complementary companies
to make a larger, stronger one makes perfect
strategic sense.4 million in 2004. is a $7 billion leading
consumer brands
company. Home and hardware brands include Moen
faucets, Aristokraft, Schrock,
Diamond and Omega cabinets, Therma-Tru
door systems, Master Lock padlocks and Waterloo tool storage
sold by
units of Fortune Brands Home + Hardware, Inc. income before charges $137.signers jtf
With nearly
two decades of
corporate communications and public relations agency expertise, The
Cawley Group
offers in-depth public relations and marketing
communication capabilities to elevate and enhance
revenues, reputation
and industry leadership.
Acco Brands has commitments for financing that will
be used to
finance the dividend to Fortune Brands and the repayment of GBC's
existing debt. Also
, Acco Brands' capital
structure will provide for more liquidity and an increased ability for
a
broader range of shareholders to benefit from our future growth
prospects.2 billion and operating
income
before charges of $137. In addition to its
strength in the U.S. Office
brands include
Swingline, Wilson Jones, Kensington and Day-Timer sold
by units of ACCO World Corporation.
Headquarters:
Lincolnshire, IL
Chairman and CEO: Norm Wesley
--------------
--------------------------------------------------------
Facts About ACCO World and GBC
2004
results (in millions)
ACCO World GBC
Net sales
$1,175.twofold labeler
"We have all become so comfortable storing and sending data
electronically
, that many people are not keeping hard copies of
important documents. invented the office superstore
concept in 1986 and
today is the world's largest office products company. With 65,000
talented
associates, the company is committed to making it easy to buy
a wide range of office products, including
supplies, technology,
furniture, and business services.
Acco Brands Corporation will be led by
David Campbell as chairman
+ CEO and Neal Fenwick, ACCO World's chief financial officer, as CFO.
8 million
Top Selling Brands: Moen faucets, Titleist golf equipment, Aristokraft
cabinetry
, Jim Beam bourbon, Therma-Tru door systems, FootJoy golf
shoes + gloves, Master Lock security products
, Omega cabinetry,
Kitchen Craft cabinetry, Cobra golf clubs, DeKuyper cordials.3
international
sales 48% 41%
Operating income $109.3%
Company
Facts
Number of employees 4,300 3,600
Headquarters
Lincolnshire, IL Northbrook, IL
Management David Campbell Dennis Martin
President + CEO Chairman, President + CEO
Product Categories
and
Leading Brands
Workspace Tools: Swingline, ACCO, GBC, Ibico
Rexel
(stapling, punches, (personal and desktop
clips, fasteners) shredders, trimmers)
Document Presentation: Wilson Jones
, GBC, Ibico
Rexel
(presentation
(binding equipment +
binders) supplies, lamination
equipment + supplies)
Visual Communication: Boone, Apollo
, Quartet
Nobo
(retail white (wholesale
presentation
boards, overhead boards and accessories)
projectors)
Computer Accessories: Kensington
Storage + Organization:
Wilson Jones, Rexel, Marbig
Personal Productivity: Day-Timer
--------------------------
--------------------------------------------
(1)Reconciliation of Operating Income Before
Charges and the effect
on RONTA
ACCO World
GBC
(in millions)
Op Income before Charges $137.wheelwriters shredder
----Wait..org) is the national
, professional organization of CPAs,
with approximately 350,000 members, including CPAs in business
and
industry, public practice, government, and education; student
affiliates, and international
associates. It also
develops and grades the uniform CPA Examination.----Royal Consumer
Information
Products, Inc.)
-- Apollo (a leader in overhead projectors in the U.S.0 million in 2004, has
leading positions in
laminating, binding, personal and desktop shredders and presentation
boards
that will add strength in key product categories. Its operating companies have premier brands and leading
market positions in home and hardware products, spirits and wine, golf
equipment and office products
. GBC's products are marketed
in over 100 countries under the GBC, Quartet, and Ibico brands.
Forward-Looking Statements
This press release contains statements relating to future results
,
which are forward-looking statements as that term is defined in the
Private Securities Litigation
Reform Act of 1995.5 million
-- Spirits + Wine $1.17 billion $333.
These measures
may also be inconsistent with similar measures provided
by other companies.whiteboards laminator
Tax payers who require
an exact
copy of a previously filed tax return must file a Form 4506 and pay
the IRS a $39. "We
welcome TCG's contribution and the impressive capabilities in
technology and consumer marketing
support it has placed at our
disposal. Royal's product line has evolved to include
typewriters
, cash registers, digital postal scales, weather stations,
luggage tags, paper shredders, CD shredders
, PDAs / electronic
organizer equipment, laminating pouches, typewriter ribbon, employee
time clocks
, cash register ribbon, printing calculators, electric
pencil sharpeners, printer ribbon, employee
postal scales, toner
cartridges, calculators and a wide range of imaging supplies
supporting today
's most popular printers, faxes and copiers.
The new company will have a single class of stock. We
considered a range of alternatives for ACCO, and we believe
this spin-off and merger maximize value
for shareholders. and Europe.)
-- ACCO (the leader in clips and fasteners in North America)
-- Rexel (a European leader in general office products)
GBC, which achieved sales of
$712.8 million excluding Office
Products, +30%)
Business Segments:
2004 Sales 2004 Operating Income
-- Home + Hardware $3.intimus laminators
The number
of small businesses and
households that own a shredder is on the rise due to the increased
awareness
of this growing issue. GBC's majority shareholder has agreed to
vote for the merger. include Jim
Beam and Knob Creek bourbons, DeKuyper cordials, The Dalmore single
malt Scotch, Vox vodka and
Geyser Peak and Wild Horse wines. Fortune Brands, headquartered in
Lincolnshire, Illinois, is traded
on the New York Stock Exchange under
the ticker symbol FO and is included in the S+P 500 Index and
the MSCI
World Index. The company is headquartered
in Lincolnshire, IL. The company is headquartered
in
Northbrook, IL.8 $50.acroprint trimmers
Some of the services offered include digital
color copying
and printing, self-copiers, laminating, cutting, folding
and various types of binding and many more
."
"One of the oldest and most respected names in consumer products
and office supplies, Royal
Consumer Information Products continues to
innovate with high quality products that combine leading
edge
technology and affordability," said Roger Cawley, Managing Partner
with TCG.
6 shares they own of Fortune Brands stock.
"Acco Brands Corporation will be built on the strength
of great
brands, top-notch people, an effective strategy, stepped-up innovation
and a low-cost
infrastructure. It is recommended that listeners log on 10 minutes prior to
the start of the call
.moveable stampsandengraving
Business Editors/News Editors/Community Editors
FRAMINGHAM, Mass.don't
shred those
documents so fast! In an age when more and more people are
filing taxes electronically and being
reminded to shred documents
containing personal information, Staples, Inc. (NASDAQ: SPLS) is
urging
its small business and home office customers to keep a hard
copy of their tax returns. Experts recommend
keeping a file of tax returns
and any records reported in the return including worksheets, payroll
records, receipts, year-end interest statements and canceled checks.
"The American Institute of
Certified Public Accountants supports
electronic filing of tax returns and also recommends keeping
a backup
hard copy of the return and related records, such as invoices or
receipts, for at least
three years," said Tom Ochsenschlager, vice
president-taxation for the AICPA. For a complete list
of
store locations, log on to www.----March 16,
2005--Fortune Brands, Inc. With increased scale
and international reach, Acco
Brands Corporation will be well positioned to capitalize on growth
opportunities in the growing and fragmented global office products
market.
About Fortune
Brands
Fortune Brands, Inc. RONTA
represents operating income (loss) before charges divided
by the
average GAAP assets less intangibles, accounts payable and other
non-interest bearing liabilities
.imprinters stampsandengraving
com
About Staples
Staples, Inc.aicpa.
Business Editors
SOMERSET, N.
The
merger of ACCO and GBC will establish an office products
powerhouse with a broad portfolio of leading
brands.
"For Fortune Brands, we believe we can drive the greatest
shareholder value by sharpening
the company's focus on growth in our
Home + Hardware, Spirits + Wine and Golf businesses. With consolidation
in the customer tier, large customers increasingly want to deal with
large suppliers with strong
brands, and we'll be better positioned
than ever to compete in this environment. A live Internet
webcast of the conference call will be available in the Investor
Relations section of both the
www.
About ACCO World Corporation
The ACCO World Corporation unit of Fortune Brands is
a world
leader in branded office products.
Among the factors that could cause plans, actions and
results to
differ materially from current expectations are: competition within
the office products
, document finishing and film lamination
industries; the effects of economic and political conditions;
the
ability of distributors to successfully market and sell our products;
the availability and
price of raw materials; dependence on certain
suppliers of manufactured products; the effect of consolidation
in the
office products industry; the ability to obtain governmental approvals
of the transaction
on the proposed terms and schedule; the failure of
GBC stockholders to approve the merger; the risk
that the businesses
will not be integrated successfully; the risk that the cost savings
and any
synergies from the transaction may not be fully realized or
may take longer to realize than expected;
disruption from the
transaction making it more difficult to maintain relationships with
customers
, employees or suppliers; as well as other risks and
uncertainties detailed from time to time in Fortune
Brands', ACCO's
and GBC's respective Securities and Exchange Commission filings.
(Net tangible
assets for ACCO World is a 13-point average and a
2-point average based on publicly available data
for GBC.trimmers whiteboards
Upon completion of the simultaneous spin-off
and merger, which is expected this summer,
shareholders of both
Fortune Brands and GBC will receive shares in the newly created
company.
The transaction, which was unanimously approved by the boards of
directors of Fortune Brands
and GBC, will be tax-free to U.
Spin-Off Creates Value for Companies' Shareholders
"We
believe this is a win-win-win for Fortune Brands, ACCO and GBC
that will better position each company
for long-term growth and
deliver greater value to our respective shareholders," said Fortune
Brands
chairman + CEO Norm Wesley.14 billion and operating income of
$1.com
websites. The proxy statement
/prospectus-information
statement and other documents which will be filed by Fortune Brands,
ACCO
and GBC with the Securities and Exchange Commission will be
available free of charge at the SEC's
website, www.
($697.moveable labeler
The company sold over 1.staples. is a leading
supplier of
office products and desk accessory supplies for the consumer and small
business markets
.
Business Editors
LINCOLNSHIRE + NORTHBROOK, Ill. "We expect annual cost
savings to
reach $40 million over the next three years, a portion of
which we plan to reinvest in the business
. We look forward to combining our respective strengths
to serve our customers even better. With leading
brands including
Swingline, Wilson Jones, Kensington, Day-Timer, Boone, Apollo and
Rexel, the
company's innovative products help people work more
efficiently, more comfortably and more productively
than ever before. Investors are urged to read the proxy
statement/prospectus-information statement
which will contain
important information, including detailed risk factors, when it
becomes available
.14 billion excluding Office
Products, +20%).5
Return on Net
Tangible Assets
Before Charges(1) 36.vemco labeler
. "We're hoping we can save
our customers
future time and money by offering free copies of tax
returns. Todd
Althof, Vice President of Marketing
and Product Development. Acco Brands Corporation plans to seek
listing on the New York Stock Exchange
. We look forward to joining
forces with GBC and to benefiting from the best talent in both
organizations
. and mainland Europe, ACCO is the #1 office
products supplier in Canada, Mexico, the United Kingdom
, Ireland and
Australia.
Conference Call Today at 9:15 AM ET
Fortune Brands, ACCO and
GBC will host a joint conference call
today at 9:15 AM ET to discuss today's announcement.
About
General Binding Corporation
General Binding Corporation (GBC) is a world leader in products
that
bind, laminate, and display information enabling people to
accomplish more at work, school and home
.jtf laminator
J."
Before the benefit of any future synergies, the combination of the
$625 million dividend and
shares of the new company imply an aggregate
value to Fortune Brands shareholders of approximately
$1.
"Notably, the combined company will benefit from significant
operating synergies," Campbell
continued.76 billion $598.5
Op.trimmers perforators
"
According to the Internal Revenue Service (IRS), as
of March 4th
39. It sets ethical standards
for the profession and U. Furthermore, our
confidence
in the new Acco Brands Corporation is underpinned by the
dramatic success of the management team
at ACCO in repositioning the
business to better compete in the marketplace, restoring top-line
growth
and a high level of profitability, and creating long-term
value. Among its leading brands
are:
-- Swingline (the leader in stapling and punches in North
America)
-- Wilson Jones
(a leader in ring binders in North America)
-- Kensington (fast-growing computer accessories
and the leader
in computer security products worldwide)
-- Day-Timer (a leader in paper-based
planners in North America)
-- Boone (a leader in retail white boards in the U. Individuals without
Internet access may listen to the call
by dialing 1-706-643-3726 prior to 9:15 AM ET.1 billion.7
million
-- Golf $1.17 billion $109.8 $50.dymo trimmers
(NYSE:FO) and
General Binding Corporation (NASDAQ:GBND) announced
today that Fortune Brands will spin off to shareholders
its ACCO World
Corporation office products unit, and that ACCO will merge with
General Binding
Corporation (GBC) to create the world's largest
supplier of branded office products with combined
revenues of nearly
$2 billion.
-- GBC shareholders will receive one Acco Brands share in
exchange for each GBC share they hold.
The spin-off and merger are subject to regulatory approvals
and
other customary closing conditions.8 million in 2004, +35%.0
Charges
$27.5
Return on net tangible assets - or RONTA - is a measure of the
operating
returns generated on a company's net tangible assets.remco perforators
, one of the nation's leading suppliers of
office
products and desk accessory supplies for the consumer and small
business markets, today announced
that it had retained The Cawley
Group (TCG) as its public relations agency of record.Fortune Brands
To Spin off ACCO World Office Products Unit; ACCO World To Merge with General Binding Corporation Creating
World's Largest Supplier of Branded
"Fortune Brands has established a long track record of innovative
strategic actions, including high-return acquisitions, creative joint
ventures and high-impact
partnerships, to drive shareholder value
higher. An Internet replay of the conference call will
be
available on both websites within two hours of the completion of
the call. Information about the
participants in
the solicitation will be set forth in the proxy
statement/prospectus-information
statement when it becomes available.21 billion $153.4 $53.6 $2.jtf twofold
Staples
To Make Free Copies Of Tax Returns Starting April 1st; Company Stresses Importance of Keeping Hard Copies
of Important Documents
00 fee. "We are thrilled to support a tradition of excellence that
has
made Royal an industry leader. Fortune Brands, ACCO and GBC undertake no
obligation to update these
forward-looking statements in the future.remco jtf
To make it easy, from April 1st though 15th
at Staples
Copy + Print Centers in stores nationwide, Staples will
provide free copies of 2004 tax returns.
1
million from the same time last year.
"The Cawley Group brings us experienced communications
expertise
and a solid understanding of our business as well as the strategic
opportunities within
this competitive environment," said J."
Until today's selection, Royal has primarily handled its
public
relations in-house. The new company,
to be called Acco Brands Corporation, will combine
ACCO's Swingline,
Wilson Jones, Kensington, Day-Timer and Rexel brands with GBC's GBC
and Quartet
brands. As
part of the spin-off, Fortune Brands will receive a cash dividend of
$625 million from
ACCO.
-- When the deal closes, Fortune Brands' shareholders will own
66% of Acco Brands Corporation
and GBC's shareholders will own
34%, a proportion that approximates the underlying
contribution
of the two companies to the combined business. The merger is also subject to
approval by GBC shareholders
. GBC's brands - market leaders in
binding, laminating, presentation boards and shredders - complement
our positions in the growing document presentation, visual
communication and workspace tools categories
. GBC adds strength in these markets as well as a presence in
Asia and other markets.
The new company
's board of directors will be composed of nine members,
including Norm Wesley and three additional
members from Fortune
Brands' board.
ACCO's annual sales exceed $1.sec.
GBC, its directors
, and certain of its executive officers may be
considered participants in the solicitation of proxies
in connection
with the proposed transaction.labeler shredder
Documents that are not vital to record keeping should
be shredded
to protect against identity theft.
The spin-off of ACCO sharpens Fortune
Brands' focus on growing its
high-return Home + Hardware, Spirits + Wine and Golf businesses."
Acco
Brands Corporation plans to establish long-term growth goals
that include low-to-mid single-digit
sales growth, mid-to-high
single-digit operating income growth and double-digit growth in
diluted
EPS. Three members of GBC's board will also join the Acco
Brands Corporation board.
Fortune
Brands Expects Double-Digit Growth Post-Spin
Excluding office products, Fortune Brands' remaining
three
segments generated sales of $6. Acushnet
Company's golf brands include Titleist, Cobra and
FootJoy.32 billion in 2004, +18%.7 $712.intimus shredders
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