Key Developments For United Stationers Inc.
United Stationers Inc. (USTR.O) (Nasdaq)
United Stationers, Inc. Enters New Securitization Financing
United Stationers, Inc. announced that it and certain of its wholly owned subsidiaries have entered into a $150 million accounts receivables securitization program that replaces a prior $250 million securitization program that was due to expire on March 20, 2009. The maturity date of the new facility is November 23, 2013, subject to renewal of the liquidity backup support that expires on November 23, 2009.
United Stationers, Inc. Announces Workforce Reduction
United Stationers, Inc. announced it is adjusting its cost structure in response to the challenging economic environment as it stays focused on maintaining its sound financial position and delivering strong cash flow. The cost reduction actions include the elimination of approximately 250 positions, or 4% of United's workforce. About half of the position eliminations have been specifically identified and will occur this week. The balance should be substantially completed by March 31, 2009. Management and non-management employees will be affected by these reductions.
United Stationers, Inc.'s United Stationers Supply Co Completes Acquisition of Emco Distribution, LLC
United Stationers, Inc. announced that its wholly owned subsidiary, United Stationers Supply Co., has completed the purchase of Emco Distribution, LLC's New Jersey business, including certain assets and liabilities.
United Stationers, Inc. Signs Definitive Purchase Agreement With Emco Distribution, LLC
United Stationers, Inc. announced that its wholly owned subsidiary, United Stationers Supply Co., has signed a definitive purchase agreement with Emco Distribution, LLC to acquire Emco's New Jersey business, including certain assets and liabilities. The $15 million purchase price, subject to post-closing adjustments, will be funded under the Company's existing credit agreement. This transaction is expected to close in early September.
United Stationers, Inc. Announces Increase In Share Repurchase Authorization
United Stationers, Inc. announced that its board of directors approved and authorized the Company to purchase an additional $100 million of its common stock.
