Moore Corporation Limited said Friday that it would pay $1.3 billion in cash and stock to merge with Wallace Computer Services, Lisle, IL, and create a new commercial printing giant, Moore Wallace.
The new company will have combined annual sales of $3.6 billion and 18,500 employees, making it one of the world's biggest printers, according to a statement from Moore, Mississauga, Ontario. Quebecor World, reportedly the world's largest commercial printer, has annual sales of $6.5 billion and 40,000 employees.
Moore agreed to pay Wallace shareholders $606 million in cash and $470 million in Moore common shares and assumed $210 million of Wallace's debts. The deal has approval from the respective boards of the two companies but shareholders and federal regulators have final say over the merger.
