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July 15, 1999
Young Phillips Corporation and
Graphic Systems Incorporated To Merge
Clemmons, North Carolina -- July 12, 1999: Young Phillips Corporation
of Clemmons, North Carolina and Graphic Systems Incorporated or Moorestown,
New Jersey announced today that they have entered into a preliminary agreement
to combine the operations of the two companies subject to mutual due diligence.
Details of the transaction have not yet been released. An August 1, 1999,
completion date is contemplated.
Both firms are engaged in the sales, service, and distribution of printing
equipment and supplies. With four locations and $50 million in sales,
Graphic Systems is one of the largest regional dealers serving the Mid-Atlantic
region. Young Phillips with $70 million in sales and six locations holds
an equivalent market position in the Southeast.
"We and Graphic Systems share a common family owned heritage and
dedication to customer service," stated Ben Phillips, C.E.O. of Young
Phillips. "This business combination will enable us to continue these
traditions in the face of challenging market conditions unfolding for
the Twenty-first Century. Our customers and manufacturing business partners
have grown to expect superior support, service, and selection from Young
Phillips. The combined efforts of Young Phillips and Graphic Systems will
only serve to enhance this throughout a nine-state market area."
Young Phillips was founded in Winston-Salem in 1954 by Mr. and Mrs. John
B. Phillips, the parents of the current C.E.O. The co-founder was Loice
Young, who passed away in 1991. Over the past forty-five years, the firm
has grown from a single location supplier of presensitized plates to a
multi-location distributor of electronic prepress products, press and
bindery equipment, professional photographic systems, and all associated
consumables. Seventy-five employees are based in Clemmons, North Carolina,
with the remainder serving a six-state area out of branches in Clemmons
and Charlotte, North Carolina; Knoxville, Tennessee; Richmond and Roanoke,
Virginia; and Laurel, Maryland. Young Phillips has been named among the
Top Ten Distributors in the United States consistently for the past five
years by Dealer Communicator.
Additional details will be announced after the consolidation in early August.
