Business News
MWV Consumer & Office Products Division Announces Agreement with Beacon Promotions, Inc. Regarding Promotional Products Business
Tuesday 07. April 2009 - MWV Consumer & Office Products (NYSE: MWV), a leading manufacturer of planning and organizing tools, office products and school supplies, today announced it has signed a definitive agreement with Beacon Promotions, Inc. regarding its Promotional Products business associated with the Ready Reference line of planners, calendars and date books with Beacon Promotions, Inc.
The financial terms of the agreement were not disclosed. Beacon Promotions will assume marketing, sales, customization and distribution of the products in the U.S., while MWV Consumer & Office Products Sidney, N.Y., facility will continue to manufacture the Ready Reference and some of The Old Farmers Almanac products for Beacon Promotions. Operational changes will begin immediately and are expected to be completed within 90 days.
“This transaction strengthens our business by allowing us to leverage our core competencies in manufacturing stitched and wire-bound books and planners,” said David Williamson, executive vice president and general manager, MWV Office Products Group. “We are excited to work with a well-respected promotional products company in Beacon Promotions that will use its sales, marketing and customer service expertise in this channel to move the premium Ready Reference brand products to an expanded base of customers.”
As a result of this transaction, approximately 106 salaried and hourly positions that support the Promotional Products business in Sidney have been impacted. Affected salaried employees will be eligible for separation benefits in accordance with the company policy. The terms of employment of hourly workers are governed under the collective bargaining agreement between the company and its union representative.
MWVs Office Products Group manufactures industry-leading planning products and calendars. Approximately 1,000 hourly and salaried employees are employed currently at the facility.