ACCO's acquisition of Mead's Consumer & Office Products business in the US has been finalised.
"We are also significantly diversifying our global footprint," said ACCO CEO Bob Keller. "Our new colleagues from the Mead business bring talent and expertise that will contribute to anticipated future growth,and we warmly welcome them into the ACCO Brands family."
"The combination of our businesses creates a powerhouse of complementary brands and products that we will be able to market across all relevant channels, including mass market retail, office super stores, independent and wholesale office products dealers, and e-commerce outlets," he said.
The transaction brings brands such as Mead, Five Star, Trapper Keeper, AT-A-GLANCE, Cambridge, Day Runner, Hilroy, Tilibra and Grafon's into ACCO Brands' product portfolio.
ACCO estimated that the acquisition will yield around US$20 million in annualised cost synergies and said that margins, cash flow and balance sheet leverage would all be improved.
Meantime, Neil McLachlan, formerly president of Mead in the US, has been named as president of ACCO Brands Emerging Markets, with responsibility for Brazil, Canada and Asia-Pacific.
