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Platinum Equity Rebrands Exel Direct as MXD Group
Home / News / Platinum Equity Rebrands Exel Direct As Mxd Group
Columbus, OH, (Aug. 29, 2013) – Platinum Equity today announced the rebranding of home delivery business Exel Direct as MXD Group. Platinum Equity acquired Exel Direct, Inc. from Exel Inc., a subsidiary of Deutsche Post DHL, in May 2013.Exel Direct specializes in high-touch “white glove” delivery services for North American retail brands across a variety of consumer segments. The business executes approximately 2.3 million deliveries annually utilizing an independent contractor workforce.“The transition to new ownership has been good for our business and is opening up many exciting opportunities,” said Exel Direct President and CEO David Vieira. “We are continuing to focus on serving our core customers while expanding our reach and pursuing new end markets. Launching our new MXD Group brand is an exciting step in the evolution of our business.”Since making the acquisition, Platinum Equity has worked with Exel Inc. to execute a seamless transition. Bryan Kelln, Platinum Equity Partner and President of Portfolio Operations, noted that the business is well positioned for future success.“We have worked closely with the management team to create a shared vision for the future of this business,” said Mr. Kelln. “We are excited about its prospects and are committed to helping it thrive as an independent enterprise with a new identity.”The name MXD references the company's proud heritage as a logistics leader, which began as Merchants Home Delivery Service, Inc. MXD embraces a history of final mile delivery and supply chain excellence through people, technology and innovative solutions. The brand launch features a new logo and web site at www.mxdgroup.com.MXD GroupMXD Group (www.mxdgroup.com) specializes in final mile delivery logistics solutions for North American retail brands across the consumer electronics, furniture and appliances segments. The business coordinates and executes approximately 2.3 million non-conveyable product deliveries annually utilizing a nationwide network of professionally managed and certified independent contractors and agents. The newly rebranded business is a leader in white glove home delivery and retail replenishment solutions and services.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.# # #
Maersk Inc. Announces Sale of Bridge Terminal Transport, Inc. to Platinum Equity
Home / News / Maersk Inc Announces Sale Of Bridge Terminal Transport Inc
MADISON, NJ - Aug 7, 2013 - Maersk Inc., a subsidiary of the A.P. Moller-Maersk Group, announced today that it has entered into an agreement to sell substantially all the assets of its subsidiary Bridge Terminal Transport, Inc. (BTT) to an affiliate of Platinum Equity, a Los Angeles-based private equity firm.The transaction is expected to be completed on or about September 1, 2013, subject to satisfaction of customary closing conditions. The transaction will have no impact on the Group's result for 2013."The A.P. Moller-Maersk Group's strategy is to build on its strong presence in shipping, energy and related activities. We have been pleased with the business levels, the profitability and the quality of management at Bridge Terminal Transport. It is, however, a provider of drayage services that does not fit in our long-term strategic focus. The sale will allow the Group to reallocate resources to the strategic focus areas within shipping, energy and related activities," stated J. Russell Bruner, Chairman and CEO of Maersk Inc.Bridge Terminal Transport, Inc. is a leading marine drayage company in the United States with a 30 year history. It covers major port locations and inland rail sites through a network of 28 terminals, 25 container yards and over 1,285 owner operators. Customers include shipping lines, importers/exporters, and related segments."We are excited about this opportunity and are pleased to collaborate with Maersk in constructing a compelling divestiture solution," said Platinum Equity Vice President Farhaad Wadia, whose team is leading the proposed acquisition. "We have extensive experience with transportation and logistics businesses and we look forward to working with BTT's management team, employees, independent contractors and other partners to ensure a seamless transition and help BTT reach its full potential."About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.
Emerson Reaches Agreement to Sell Majority Interest in Embedded Computing & Power Business to Platinum Equity
Home / News / Emerson Reaches Agreement To Sell Majority Interest In
ST. LOUIS--August 06, 2013--Emerson (NYSE: EMR) today announced an agreement to sell a 51 percent stake in its embedded computing and power business to Platinum Equity. Emerson will receive approximately $300 million in cash and will retain a 49 percent noncontrolling interest in the business, which will operate as an independent company. Share repurchase will be increased by $600 million to offset associated earnings dilution. "After extensive consideration, we have found an arrangement to exit this business in a manner that maximizes its value for our shareholders, " said Emerson Chairman and Chief Executive Officer David N. Farr. "The embedded computing and power business is a technology leader in the industry it serves, but no longer fits strategically in our portfolio. The transaction with Platinum will allow us to immediately focus on our core businesses while also participating in the upside from repositioning the business as it focuses on growth as an independent company."With revenue of approximately $1.4 billion in 2012, Emerson's embedded computing and power business, based in Carlsbad, Calif., is a market leader in the design and supply of technologies used in communications and computing equipment and other applications."We have forged a strong partnership with Emerson, coming together in a way that will create success for everyone," said Platinum Equity Chairman and Chief Executive Officer Tom Gores. "We will build on the foundation established under Emerson to further position the business as a strong and innovative competitor in the marketplace."The transaction is expected to close in approximately three to six months, upon securing regulatory approvals in various countries. Once the transaction is completed, Emerson's interest in the new entity will be reported using the equity method of accounting. Sales and earnings from the embedded computing and power business will continue to be reported in Emerson's 2013 results, which will include a noncash pretax goodwill impairment of $503 million related to the business."Platinum Equity worked closely with Emerson to craft a transaction solution customized to meet both Emerson's needs and the needs of the business," said Jacob Kotzubei, the partner at Platinum Equity who led the team pursuing this transaction. "We are excited to work with Emerson and the EC&P management team to help grow the business and reinforce its position as a premier provider of highly engineered customized power and embedded computing products."Today at 2 p.m. ET, Emerson management will discuss third quarter 2013 results and further details of this transaction during a conference call. Interested parties may listen to the live conference call via the Internet by visiting Emerson's website at www.Emerson.com/financial and completing a brief registration form. A replay of the conference call will remain available for approximately three months.About EmersonEmerson (NYSE: EMR), based in St. Louis, Missouri (USA), is a global leader in bringing technology and engineering together to provide innovative solutions for customers in industrial, commercial, and consumer markets around the world. The company is comprised of five business segments: Process Management, Industrial Automation, Network Power, Climate Technologies, and Commercial & Residential Solutions. Sales in fiscal 2012 were $24.4 billion. For more information, visit www.Emerson.com. About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O(R) firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.Forward-Looking and Cautionary Statements Statements in this press release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include our ability to complete the embedded computing and power transaction, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, and competitive and technological factors, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.
Platinum Equity Makes Irrevocable Binding Offer of $225 Million for CBS Outdoor International
Home / News / Platinum Equity Makes Irrevocable Binding Offer Of 225
Los Angeles and New York (July 16, 2013) – Platinum Equity and CBS Corporation (NYSE: CBS.A and CBS) announced today that an affiliate of Platinum Equity has made an irrevocable binding offer to acquire the assets of CBS Outdoor International (“CBSO International”). The proposed transaction represents a total value of approximately $225 million and is subject to completion of works council consultation and other conditions.CBSO International is a leading outdoor media company and is among the largest out-of-home media and billboard businesses in Europe, providing custom media solutions to outdoor advertising agencies and direct clients in the United Kingdom, Ireland, France, Italy, the Netherlands, Spain and China. Platinum Equity Chairman and CEO Tom Gores said he is very pleased to work with CBS on this transaction."This was a complex carve out that required real collaboration between buyer and seller with a strong emphasis on quality of execution," said Mr. Gores. "We are fortunate to have developed a great relationship with CBS throughout this process. With our international reach and operational resources we can move quickly to complete a seamless transition and create real value in this business."CBS Corporation President and Chief Executive Officer Leslie Moonves said: "Today's news represents a key strategic milestone for CBS. As we continue to focus our Company around creating and distributing premium content, we are very pleased to announce that we will achieve very good value for these Outdoor properties."Bastian Lueken, the head of Platinum Equity’s European M&A team who is leading the proposed transaction, noted CBSO International has many strengths that make it an attractive opportunity for Platinum Equity.“CBSO International is a well-established brand with valuable media assets and broad reach throughout Europe,” said Mr. Lueken. “We look forward to rolling up our sleeves and working toward new levels of success.” About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions. About CBS CorporationCBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world’s largest libraries of entertainment content, making its brand – “the Eye” – one of the most recognized in business. The Company’s operations span virtually every field of media and entertainment, including cable, publishing, radio, local TV, film, outdoor advertising, and interactive and socially responsible media. CBS’s businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), Showtime Networks, CBS Sports Network, TVGN (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio, CBS Outdoor, CBS Television Studios, CBS Global Distribution Group (CBS Studios International and CBS Television Distribution), CBS Interactive, CBS Consumer Products, CBS Home Entertainment, CBS Films and CBS EcoMedia. For more information, go to www.cbscorporation.com.# # #
Neovia Logistics To Acquire MIQ Contract Logistics Business
Home / News / Neovia Logistics To Acquire Miq Contract Logistics Business
DOWNERS GROVE, Ill. (June 18, 2013) – Neovia Logistics, a global provider of complex supply chain solutions and logistics services primarily serving the automotive, industrial, mining, aerospace and defense industries, announced today that it has signed a definitive agreement to acquire the contract logistics division of MIQ Holdings, Inc. The contract logistics business provides warehouse management and fulfillment services, distribution solutions and other value-added logistics services through a network of nine facilities in the United States and Canada. “The contract logistics business has a blue-chip customer base, talented employees, a comprehensive network of facilities across North America, and a well-deserved reputation for exceptional customer service,” said Neovia CEO Jos Opdeweegh. “This acquisition is a great strategic fit for Neovia and creates exciting new opportunities for our business, particularly in end markets like technology, retail and healthcare, where we are looking to expand.” Platinum Equity acquired 65 percent of Neovia (formerly Caterpillar Logistics Services) in July 2012 and rebranded the business near the end of last year. Caterpillar retained a 35 percent stake. Platinum Equity Partner Jacob Kotzubei expressed enthusiasm about the trajectory of the business in its first year as part of Platinum’s portfolio. “We have made a lot of progress at Neovia in a short period of time. We carved the business out from Caterpillar, assembled a world-class management team and established a new corporate identity,” said Mr. Kotzubei. “Neovia is cultivating new customer relationships and delivering on its commitment to growth, and we are excited about the value the contract logistics business brings to the company. We will continue pursuing opportunities to expand Neovia’s service offerings, global presence and customer base.” John Carr, President and Chief Executive Officer of MIQ Logistics, explained that selling the contract logistics business to Neovia works to everyone’s benefit. “At MIQ Logistics, our focus is on our core service lines and providing the highest level of non-asset based logistics services to our customers. This transaction is consistent with our long-term strategy and vision for our organization, and Neovia is the right place for our contract logistics customers and employees,” said Mr. Carr. About Neovia:Neovia is the global, integrated logistics service provider for companies facing complex logistics challenges. Today, Neovia provides customer-centric supply chain solutions across six continents in key sectors including industrial, automotive, mining, maintenance, repair and operations (MRO), oil and gas, consumer durables, aerospace and defense, high tech and electronics, and health care. Neovia provides end-to-end supply chain solutions with specific expertise in value chain strategy, network design, and execution. The Neovia team creates and employs innovative technology and systems to provide customized services in management of warehouses, operations, inventory, and transportation, as well as inbound manufacturing, reverse logistics, and more. Visit www.neovialogistics.com About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.# # #
UNICOM Systems acquires U.S. Robotics from Platinum Equity
Home / News / Unicom Systems Acquires Us Robotics From Platinum Equity
Los Angeles, CA and Schaumburg, IL (June 7, 2013) - UNICOM® Global is pleased to announce that its Founder, President and CEO, Mr. Corry Hong, today signed an all-cash deal to acquire U.S. Robotics Corporation, a Delaware corporation, and its domestic parent Rockstar Holding Corporation, as well as its US Subsidiary, U.S. Robotics Americas LLC, its UK Subsidiary, U.S. Robotics (U.K.) Limited, and its German Subsidiary, U.S. Robotics (Deutschland) GmbH (collectively USRobotics) from Platinum Equity. USRobotics, with its long history of communication innovation, will expand and build on UNICOM Global’s strategic IT offerings which will benefit UNICOM customers, technology partners and supply-chain partners. UNICOM Global continues to grow through leadership, capital, and its global presence thereby strengthening existing relationships with Fortune 500 and Global 2000 commercial customers, as well as with ISV and OEM strategic partners, the U.S. Federal Government, and State, Local and Municipal government entities.“USRobotics is synonymous with high quality products, and is a well-known brand recognized in global markets across the data communications space,” said Mr. Hong shortly after signing the Stock Purchase Agreement. “This is a strategic move for UNICOM Global. I am excited by the caliber of employees at USRobotics who will contribute to UNICOM Global’s continued commitment to the future of IT and the delivery and use of our IT solutions by our customers.” The global network equipment industry is expected to exceed $184 billion in 2015, and switches and routers represent the leading market segment, generating close to 45% of overall market value. Europe represents almost 40% of the global networking equipment market. “UNICOM Global’s leadership, deep understanding of technology and its ability to effectuate a deal without delay is what made them the right candidate for Platinum Equity,” said Aaron Mazzolini, Senior Vice President, M&A, Platinum Equity. “UNICOM Global has significant resources and assets to support USRobotics’ growth strategies and opportunities.”The Global Data Center Network Equipment market is expected to grow at a CAGR of 12.16 percent over the period 2013-2016. One of the key factors contributing to this market growth is the increasing popularity of cloud services. The Global Data Center Network Equipment market has also been witnessing increasing virtualization in network environments.UNICOM Global continues to increase the quality, quantity, depth and strength of its IT solutions including Cloud Computing, Telecom Platforms, Mobility, Application Modernization, Cyber Security, Big Data Analytics, Big Data Storage, Apache Hadoop Framework, Social Media Solutions, Smart Computing, Appliances, Document Management, and ITIL ITSM deployments for the IBM i, the IBM zEnterprise and open systems platforms. Media Contact for UNICOM Global:Mr. Russ Guzzo818.838.0606russ.guzzo@unicomglobal.comMedia Contact for Platinum Equity:Mr. Mark Barnhill310.228.9514###All trademarks referenced herein are trademarks of their respective companies. About USRobotics www.usr.comFor more than three decades, millions of businesses and consumers have relied on USRobotics for dependable internet access. Today, USRobotics endeavors to continue the longstanding tradition of supporting successful businesses by providing equipment for data transfer, remote management, broadband backup, point-of-sale, and machine-to-machine functions. The company strives to support the latest technologies through the development of new tools, which are known for their mobility, convenience, and reliability. USRobotics products are designed for multiple environments, including data centers, remote networks, embedded solutions, and small-to medium-sized business markets.About Platinum Equity, LLCPlatinum Equity is a global M&A&O firm specializing in the mergers, acquisitions, and operations of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since it founding in 1995 by Tom Gores, Platinum Equity has completed more than 145 acquisitions.About UNICOM® Global www.unicomglobal.com UNICOM Global consists of more than twenty-five (25) corporate entities encompassing a wide range of businesses across multiple states and countries. With its corporate headquarters in Los Angeles, California, to offices in Illinois, Massachusetts, New Hampshire, New Jersey, Texas and Virginia, as well as across Europe in the UK, Ireland, Germany, France, Italy, Spain, Belgium and Switzerland, UNICOM Global offers deep in-house resources and flexible IT solutions to our partners worldwide. UNICOM Global focuses on acquiring and integrating mature and growing mid-cap NASDAQ, London Stock Exchange AIM and German publicly-traded companies in technology, financing, real estate, and business services.
Platinum Equity Completes Acquisition of CheckView
Home / News / Platinum Equity Completes Acquisition Of Checkview
LOS ANGELES, Calif. (May 2, 2013) – Platinum Equity announced today that it has completed the acquisition of CheckView from Checkpoint Systems, Inc. (NYSE: CKP).CheckView is a leading security systems integrator that provides physical and electronic security solutions exclusively for retail customers. The company markets fire and life safety alarm systems, intrusion alarm and access control systems, digital anti-theft video solutions, and central station monitoring services.“We are excited about the prospects for CheckView as an independent enterprise,” said Platinum Equity Partner Robert J. Joubran, who is leading the transition process. “The business will benefit from new financial and operational resources and a more focused, entrepreneurial corporate culture.”Following the change in ownership and separation from Checkpoint, CheckView will continue to do business under the CheckView brand.Mr. Joubran explained that CheckView is a strong platform for growth in a fragmented market.“We will focus on maximizing the performance of the core business and growing organically, while also pursuing strategic add-on investments that can expand CheckView’s product offering and footprint.”About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 145 acquisitions.# # #
Platinum Equity Completes Sale of Contego Healthcare Business
Home / News / Platinum Equity Completes Sale Of Contego Healthcare
LOS ANGELES, Calif. (May 1, 2013) – Platinum Equity announced today it has completed the sale of Contego Healthcare Limited to FIL International Limited, a subsidiary of Filtrona plc, for cash consideration of approximately £160 million.The healthcare packaging business is one of Europe’s leading and most technically advanced packaging manufacturers and makes cartons, leaflets, self-adhesive labels, and printed foils for blister packs for the pharmaceutical and healthcare markets. The sale includes Contego Healthcare’s ten manufacturing sites in the UK, Italy, Germany, France and Ireland.“We are proud of the way Contego Healthcare has evolved as part of the Platinum Equity portfolio,” said Platinum Equity Partner and President of Portfolio Operations Bryan Kelln. “By investing in capital improvements and partnering with the management team to execute a sound operational plan, we created substantial value and have positioned the company for continued success under new ownership.”Over the past two years Contego Healthcare built two new factories and made major investments in state-of-the-art printing and folding technology at its ten sites across Europe.Platinum Equity acquired the healthcare packaging business and a food and cartons packaging business from South Africa-based Nampak Limited in February 2011. Both businesses were subsequently rebranded under the Contego name. The Contego food and cartons business was sold to Graphic Packaging Holding Company in December 2012.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 145 acquisitions.# # #
Integration of SMW and DMI Finalized, New Global Supplier Launched as “Chassix”
Home / News / Integration Of Smw And Dmi Finalized New Global Supplier
TROY, Mich., April 30, 2013 – The formation of a new automotive enterprise was announced today with the launch of Chassix, the automotive industry’s largest single integrated resource for precision chassis casting and machining solutions. Chassix was formed following Platinum Equity’s purchase and subsequent integration of the Diversified Machine, Inc. (DMI) and SMW Automotive, LLC (SMW) businesses, resulting in the creation of a $1.2 billion global automotive supplier. Robert J. (Bob) Remenar will serve as president and CEO of the newly integrated business.“There is a huge demand for high quality, advanced casting and machining suppliers, particularly those that are skilled in casting traditional ductile iron as well as those able to meet the growing demand for precisely machined lightweight aluminum components,” said Remenar. “The automotive industry was missing a truly global player with the full service capabilities and operations to serve manufacturers on global platforms, and now Chassix fills that role.”With expanded global resources, Chassix, currently based in Troy and Wixom, is among the only casting and machining suppliers to offer total in-house services, enabling an unmatched level of responsiveness to customer needs. In addition to 24/7 design and engineering capabilities, the combined enterprise now has manufacturing operations in the U.S., Mexico, South America, Europe and China.“The combination of these two, large complementary businesses not only doubles our global footprint – a key advantage in this industry – but also marries two distinct areas of expertise: DMI’s leadership in casting with SMW’s leading 24/7 design and engineering expertise in machining,” added Remenar. “Together they make a financially strong market leader with significant growth potential.”Platinum Equity purchased Diversified Machine, Inc. in December 2011 and then later SMW Automotive, LLC in January 2012. The newly integrated business serves a diverse customer base and has over 3,600 employees in 25 locations in eight countries.The new Chassix name reflects the automotive chassis components that have been the bedrock of the DMI and SMW product lines, while the “X” implies a multiplier of the new company’s size and strength as well as their mission to exceed customer expectations. The brand will be represented with a red, black and gray color palette to emphasis speed, strength and determination.“Chassix is built on the history and achievements of two successful industry players with solid reputations and distinct expertise,” added Remenar. “Together, we have market-leading capacity and capabilities that will allow us to provide the strength, service and solutions that our customers demand.”About Chassix Chassix represents a $1.2 billion, privately held automotive supplier of precision casting and machining solutions. The brand was launched in 2013 following the integration of SMW Automotive, LLC and Diversified Machine, Inc. The newly combined business is focused on delivering high quality, precision ductile iron and aluminum chassis components, with over 3,600 employees in 25 locations in every key region of the world.###
Checkpoint Systems, Inc. Announces Definitive Agreement To Sell U.S. and Canadian Checkview® Business
Home / News / Checkpoint Systems Inc Announces Definitive Agreement To
Thorofare, New Jersey, March 25, 2013 - Checkpoint Systems, Inc. (NYSE: CKP) today announced that it has entered into a definitive agreement to sell its U.S. and Canadian CheckView business to an affiliate of Platinum Equity, a California-based private equity firm. The sale includes all continuing business operations and assets associated with the U.S. and Canadian CheckView business. The transaction is expected to close by the end of April 2013. The divestiture follows an extensive review of Checkpoint’s businesses in 2012 at which time the Company’s Board of Directors determined that the U.S. and Canadian CheckView business will better serve its customers as an independent, entrepreneurial and more focused organization. Checkpoint Systems’ President and Chief Executive Officer, George Babich, said, “We are pleased to have reached an agreement. Platinum Equity is a global investment firm with a unique focus on business operations and a strong track record helping companies reach their full potential. The firm’s financial resources and operational expertise will present the CheckView business with tremendous new opportunities. We are committed to support CheckView throughout the sale process to ensure an orderly transition with full continuity of service to customers.” “We are excited about the prospects for CheckView under our ownership,” said Platinum Equity Principal Jason Leach. “Platinum has an extensive track record of acquiring corporate divestitures and maximizing their potential as standalone businesses. CheckView will act as a platform acquisition and allow us to focus on the core business while pursuing organic growth initiatives and strategic add-ons in a highly fragmented space.” Checkpoint will continue to pursue its redefined strategy to provide solutions that improve merchandise availability in retail stores. The Company’s portfolio includes electronic article surveillance systems and services to combat theft, radio frequency identification products to improve inventory accuracy, and tickets, tags and labels for merchandising apparel. The U.S. and Canadian CheckView business was reported as discontinued operations in Checkpoint’s fourth quarter and full-year 2012 earnings report released on March 5, 2013 and in the Company’s 2012 Annual Report on Form 10-K. Checkpoint Systems, Inc. Checkpoint Systems is a global leader in shrink management, merchandise visibility and apparel labeling solutions. Checkpoint enables retailers and their suppliers to reduce shrink, improve shelf availability and leverage real-time data to achieve operational excellence. Checkpoint solutions are built upon more than 40 years of RF technology expertise, diverse shrink management offerings, a broad portfolio of apparel labeling solutions, market-leading RFID applications, innovative high-theft solutions and its Web-based Check-Net® data management platform. As a result, Checkpoint customers enjoy increased sales and profits by improving supply-chain efficiencies, by facilitating on-demand label printing and by providing a secure open-merchandising environment enhancing the consumer's shopping experience. For more information, visit www.checkpointsystems.com.Forward-Looking Statement This press release includes information that constitutes forward-looking statements. Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.” By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include: the impact upon operations of legal compliance matters or internal controls review, improvement and remediation, including the detection of wrongdoing, improper activities, or circumvention of internal controls; our ability to integrate acquisitions and to achieve our financial and operational goals for our acquisitions; changes in international business conditions; foreign currency exchange rate and interest rate fluctuations; lower than anticipated demand by retailers and other customers for our products; slower commitments of retail customers to chain-wide installations and/or source tagging adoption or expansion; possible increases in per unit product manufacturing costs due to less than full utilization of manufacturing capacity as a result of slowing economic conditions or other factors; our ability to provide and market innovative and cost-effective products; the development of new competitive technologies; our ability to maintain our intellectual property; competitive pricing pressures causing profit erosion; the availability and pricing of component parts and raw materials; possible increases in the payment time for receivables as a result of economic conditions or other market factors; changes in regulations or standards applicable to our products; the ability to successfully implement global cost reductions in operating expenses including, field service, sales, and general and administrative expense, and our manufacturing and supply chain operations without significantly impacting revenue and profits; our ability to maintain effective internal control over financial reporting; and additional matters disclosed in our Securities and Exchange Commission filings. We do not undertake to update our forward-looking statements, except as required by applicable securities laws.
