Taylor Corp. by the numbers:
• Taylor is one of the top 10 graphics communications companies in North America.
• Over 80 subsidiaries make up the Taylor family, spanning 20 states and 8 countries.
• Taylor has been a family-owned business since 1975, transforming to one small business into a second-generation interactive print and marketing solutions provider.
• As of 2013, Taylor had more than 100 patents and patent applications worldwide.
• Over 50 percent of today’s Fortune 500 businesses are served by Taylor companies.
• Across the organization, Taylor employs over 9,000 professionals.
• More than 3 million small businesses and consumers rely on Taylor products and services.
Taylor Corp. by the numbers:
• Taylor is one of the top 10 graphics communications companies in North America.
• Over 80 subsidiaries make up the Taylor family, spanning 20 states and 8 countries.
• Taylor has been a family-owned business since 1975, transforming to one small business into a second-generation interactive print and marketing solutions provider.
• As of 2013, Taylor had more than 100 patents and patent applications worldwide.
• Over 50 percent of today’s Fortune 500 businesses are served by Taylor companies.
• Across the organization, Taylor employs over 9,000 professionals.
• More than 3 million small businesses and consumers rely on Taylor products and services.
Taylor Corp. by the numbers:
• Taylor is one of the top 10 graphics communications companies in North America.
• Over 80 subsidiaries make up the Taylor family, spanning 20 states and 8 countries.
• Taylor has been a family-owned business since 1975, transforming to one small business into a second-generation interactive print and marketing solutions provider.
• As of 2013, Taylor had more than 100 patents and patent applications worldwide.
• Over 50 percent of today’s Fortune 500 businesses are served by Taylor companies.
• Across the organization, Taylor employs over 9,000 professionals.
• More than 3 million small businesses and consumers rely on Taylor products and services.
Taylor Corp. by the numbers:
• Taylor is one of the top 10 graphics communications companies in North America.
• Over 80 subsidiaries make up the Taylor family, spanning 20 states and 8 countries.
• Taylor has been a family-owned business since 1975, transforming to one small business into a second-generation interactive print and marketing solutions provider.
• As of 2013, Taylor had more than 100 patents and patent applications worldwide.
• Over 50 percent of today’s Fortune 500 businesses are served by Taylor companies.
• Across the organization, Taylor employs over 9,000 professionals.
• More than 3 million small businesses and consumers rely on Taylor products and services.
Taylor Corp. by the numbers:
• Taylor is one of the top 10 graphics communications companies in North America.
• Over 80 subsidiaries make up the Taylor family, spanning 20 states and 8 countries.
• Taylor has been a family-owned business since 1975, transforming to one small business into a second-generation interactive print and marketing solutions provider.
• As of 2013, Taylor had more than 100 patents and patent applications worldwide.
• Over 50 percent of today’s Fortune 500 businesses are served by Taylor companies.
• Across the organization, Taylor employs over 9,000 professionals.
• More than 3 million small businesses and consumers rely on Taylor products and services.
Taylor Corp. by the numbers:
• Taylor is one of the top 10 graphics communications companies in North America.
• Over 80 subsidiaries make up the Taylor family, spanning 20 states and 8 countries.
• Taylor has been a family-owned business since 1975, transforming to one small business into a second-generation interactive print and marketing solutions provider.
• As of 2013, Taylor had more than 100 patents and patent applications worldwide.
• Over 50 percent of today’s Fortune 500 businesses are served by Taylor companies.
• Across the organization, Taylor employs over 9,000 professionals.
• More than 3 million small businesses and consumers rely on Taylor products and services.
Taylor Corp. by the numbers:
• Taylor is one of the top 10 graphics communications companies in North America.
• Over 80 subsidiaries make up the Taylor family, spanning 20 states and 8 countries.
• Taylor has been a family-owned business since 1975, transforming to one small business into a second-generation interactive print and marketing solutions provider.
• As of 2013, Taylor had more than 100 patents and patent applications worldwide.
• Over 50 percent of today’s Fortune 500 businesses are served by Taylor companies.
• Across the organization, Taylor employs over 9,000 professionals.
• More than 3 million small businesses and consumers rely on Taylor products and services.
Taylor Corp.’s top leader did not reveal future plans, but said Standard Register was poised for a rebound following her company’s acquisition of the Dayton company in federal bankruptcy court.
“While Standard Register has encountered financial challenges, I have no doubt its best days are ahead,” Deb Taylor, Taylor Corp.’s CEO., told the Minneapolis Star Tribune. “Together we’ll have the scale and talent we need to pursue new market opportunities through a broader range of technology offerings, products and services.”
It is not clear if Taylor Corp. will continue Standard Register’s operations in Dayton or consolidate all or portions of the acquisition with Taylor’s existing companies. However, Deb Taylor told the Star Tribune that Taylor Corp. would be adding Standard Register’s employees to its workforce.
Standard Register employees received an email Thursday morning from corporate communications that said the company would communicate directly with workers as soon as it was able.
“We anticipate final approval from the U.S. Bankruptcy Court and SR’s board of directors later today or tomorrow,” said the email message obtained by the Dayton Daily News.
Attorneys said Minnesota-based Taylor Corp. submitted a winning bid of $307 million for the century-old Dayton printing and marketing company.
Taylor Corp. bid $2 million more than Connecticut-based hedge fund Silver Point Capital L.P., which made an initial offer of $275 million when troubled Standard Register filed for Chapter 11 bankruptcy protection on March 12.
Final approval of the sale is subject to resolution of outstanding objections by various creditors and the settlement of a complaint filed against Silver Point by a committee of unsecured creditors. The closing is scheduled to occur by Aug. 16.
Standard Register officials have not responded to requests for comment.
The company, founded in 1912, employs 3,500 workers, including 850 in Dayton, and listed total assets of $453 million and total debts at $584 million in its bankruptcy filing.
Dayton-area business and political leaders said they’re eager to work with Standard Register’s new owners.
Jeff Hoagland, Dayton Development Coalition president and chief executive, said his organization will be part of a team that will reach out to the new owners, “to get them into Dayton and show them why Dayton, why they should keep those employees here, and possibly why they should even grow their workforce here. …
“We’ve got the academics, we’ve got the workforce, and we’ve got the cost of living that can make it very attractive for them,” Hoagland said.
Court documents show Silver Point and Taylor Corp. were the only bidders for Standard Register’s assets at an auction Monday in New York City. At the conclusion of the auction at about 11:15 p.m., Standard Register selected Silver Point as the winning bidder.
Taylor Corp. stated at the end of the auction that it would not submit a further bid.
However, Silver Point and Taylor Corp. engaged in discussions after the auction. Taylor increased its bid by $2 million and Silver Point agreed to allow Taylor to be the winning bidder, documents show.
Taylor Corp. was offering cash for Standard Register’s assets, while Silver Point was bidding the amount of its debt in the company as a credit bid, said Joe Geraghty, senior managing director for the Dayton office of Conway MacKenzie, which specializes in turnarounds and restructuring.
Silver Point, which holds several liens on Standard Register, likely accepted Taylor Corp.’s offer because Silver Point would be paid from the proceeds of the sale and recoup much of its debt, Geraghty said.
“Silver Point wins either way. They get cash or they got the business. And they were incentivized to keep the bidding going because they would get more cash if it was a higher price,” Geraghty said.
The details of the transaction were revealed in a filing late Tuesday by the committee of unsecured creditors, who objected to the sale “out of an abundance of caution.”
On June 8, the committee filed suit against Silver Point and certain Standard Register executives after a Delaware bankruptcy judge ruled that the committee had made plausible claims related to Standard Register’s 2013 acquisition of Dayton-based WorkflowOne.
Court documents said the committee on Monday reached a deal “in principle” to settle claims against Standard Register and Silver Point. However, the tentative settlement wasn’t put in writing and the committee was concerned it might collapse if Taylor was allowed to proceed with the sale.
Geraghty didn’t expect the committee’s objection to impact the sale. “It appears that the committee is supportive of the auction,” he said.
Taylor Corp. traces its history back to the family-owned Carlson Wedding Services founded in North Mankato, Minn., in the 1960s.
Glen Taylor bought the wedding business in 1975 and transformed it into a mammoth printing and marketing conglomerate with more than 80 companies in the United States, Canada, Mexico, Britain, France, India, China, Bulgaria and the Philippines.
In Ohio, Taylor Corp. subsidiaries include Vectra in Columbus and Garvey Products in West Chester Twp.
The company owns numerous print shops with different capabilities, and several were acquired out of bankruptcy over the past few years.
Taylor’s buying spree reflects ongoing consolidation in a highly fragmented industry in which the four largest printing companies account for less than a quarter of total industry revenues, according to recent report from market researcher IBISWorld.
Taylor Corp. already serves 50 percent of today’s Fortune 500 businesses, and the addition of Standard Register would grow its national presence and customer base.
In addition, more than 3 million small businesses and consumers rely on Taylor Corp. products and services, including direct mail and advanced data printing technology, according to the company’s website.
The printing industry has seen sales decline in recent years as customers turn to digital alternatives, such as online media, over printed materials, which contributed to Standard Register’s bankruptcy filing.
Meanwhile, commercial printers still operating in the black have been forced to acquire struggling firms to capture new customers as demand for print advertisements declines.
Taylor Corp., with an estimated $1.3 billion in annual sales and 9,000 employees, has been steadily increasing market share through mergers and acquisitions over the past several years.
Company officials declined Wednesday to comment on their bid for Standard Register while the court hearing was still in progress.
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