SMEAD TO REFOCUS ON NORTH AMERICAN BUSINESS OPPORTUNITIES
Smead Europe to be sold in Management-led buyout
HASTINGS, Minn. (Sept. 4, 2008) — Smead Manufacturing announced today that it has reached an agreement to divest its European operation (Smead Europe) to a group led by current Smead Europe executives. Smead will continue to assess strategically important global Office Products Industry opportunities and focus on the North American business opportunities.
“Despite the many successes we’ve experienced in Europe in introducing new products, in the end the needs of each individual country were just too different from one another to allow us to build the critical mass necessary to achieve all the goals we set for ourselves,” reported Sharon Avent, President, CEO and owner of the privately held company.
After the completion of the sale, Smead will operate primarily in the U.S. and Canada where it enjoys market leadership in the filing and organizing categories and provides thousands of innovative filing, records management and organizing solutions to businesses of all sizes.
Smead North America will continue collaborating with the new Company, which will be known as The Atlanta Group and will be led by Reiner Eckhardt and Hans Eisink, who have significant industry knowledge and experience within the former Smead Europe organization and the office products industry.
Smead, www. smead.com, is a leader in office filing products and records management systems. For over 100 years, Smead has brought a spirit of innovation and integrity to keeping businesses and home offices organized. Headquartered in Hastings, Minnesota, Smead is a privately held, woman-owned business offering thousands of innovative organizational products.