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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 24, 1998
AMERICAN BUSINESS PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
GEORGIA 1-7088 58-1030529
(State of (Commission File No.) (I.R.S. Employer
incorporation) Identification No.)
2100 RIVEREDGE PARKWAY, SUITE 1200
ATLANTA, GEORGIA 30328
(Address of principal executive offices, including zip code)
(770) 953-8300
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On February 24, 1998, the Registrant announced that Larry L.
Gellerstedt, III had been elected President and Chief Executive Officer,
effective March 30, 1998. Mr. Thomas Carmody, Chairman of the Registrant's
Board of Directors, has been serving as the Registrant's Interim President and
Chief Executive Officer since November 7, 1997.
Registrant's Press Release, issued February 24, 1998, is filed as
Exhibit 99 hereto and incorporated herein by reference.
ITEM 7. EXHIBITS.
(c) Exhibits:
The following exhibit is filed herewith:
EXHIBIT NO. DESCRIPTION
99 Press Release, issued February 24, 1998
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMERICAN BUSINESS PRODUCTS, INC.
/s/ Richard G. Smith
Dated: February 24, 1998 --------------------------------------------
Richard G. Smith
Vice President and Chief Financial Officer
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EXHIBIT INDEX
The following exhibits are filed as part of this Report.
EXHIBIT NO. DESCRIPTION PAGE NO.
99 Press Release, issued February 24, 1998
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CONTACT: THOMAS R. CARMODY FOR IMMEDIATE RELEASE
AMERICAN BUSINESS PRODUCTS ELECTS
LARRY L. GELLERSTEDT, III PRESIDENT AND CEO
ATLANTA, February 24, 1998 - American Business Products, Inc. (NYSE: ABP)
announced today that Larry L. Gellerstedt, III has been elected president and
chief executive officer of the company effective March 30. Mr. Gellerstedt,
41, is currently chairman and chief executive officer of Beers Construction
Company, one of the top 10 general contracting and construction management
firms in the United States.
The ABP presidency and CEO positions have been held on an interim basis by
Thomas R. Carmody, chairman of the ABP board of directors, since the
resignation of Robert W. Gundeck in November 1997.
ABP, a leading supplier of custom printing services to businesses, reported
1997 revenues of $511.7 million and net income of $19.2 million, or $1.17 per
share.
Announcement of Mr. Gellerstedt's election was made by G. Harold Northrop,
chairman of the search committee of the ABP board of directors.
"Larry Gellerstedt brings to American Business Products strong management and
strategic growth skills, and an impeccable reputation among his business
peers," said Northrop. "There are visionaries who can see the future of an
industry and there are hands-on managers who can make things happen. Larry
Gellerstedt is both. He is the ideal CEO for American Business Products at
this time."
Another ABP Director, F. Duane Ackerman, chairman and CEO of BellSouth
Corporation, said: "Larry is a proven chief executive at a large, growing
company - just the kind of leader ABP needs as its businesses adapt to and
innovate for ongoing change in the marketplace."
Mr. Gellerstedt late last year announced his decision to move on after 20 years
with Beers Construction. "I said I was ready for a new chapter in my career.
I have found that opportunity at American Business Products. This opportunity
is a perfect fit for me. My strength is learning new businesses and quickly
developing strategies for growth. I am excited about the many assets of ABP,
which start with its dedicated employee and customer base."
ABP's operating companies are: Curtis 1000 Inc., a leader in direct-to-user
marketing of custom-printed envelopes and labels, digital document services and
business forms; BookCrafters USA, Inc., a full-service producer of short- and
medium-run book printing, binding and distribution; International Envelope
Company, the world's largest converter of Tyvek(R) envelopes and manufacturer
of other specialty envelopes and filing systems;
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Discount Labels, Inc., the largest short-run custom label producer in the U.S.;
and Jen-Coat, Inc., a leader in specialty extrusion coating and laminating of
packaging and other products. ABP is also a joint venture partner in Curtis 1000
Europe GmbH with facilities in Germany, England, Luxembourg and Poland.
"American Business Products produces a variety of business products through five
different companies around the country," said Mr. Gellerstedt. "Its management
understands each business and leads them to success individually and together.
That is very similar to my experience at Beers. We expanded from a one-state
company with $150 million in revenues to 14 states and over $1 billion in
revenues. During this period we acquired five companies and set the stage for
future growth by aligning with an international company."
An Atlanta native and resident, Mr. Gellerstedt graduated with honors in 1978
from the University of North Carolina at Chapel Hill, where he was a Phi Beta
Kappa member. He did postgraduate business administration studies at Georgia
State University.
Mr. Gellerstedt started at Beers as an estimator in 1978. Two years later he
became project manager of a strategic planning process which led to creation of
a separate entity, BCB Company, which focused on the healthcare industry. Under
his direction, the business grew to more than $100 million in revenues in its
first four years and became a Beers subsidiary.
In 1987, Mr. Gellerstedt became president and CEO of Beers and initiated an
aggressive, long-term growth strategy. Under his leadership, the company made
five acquisitions and achieved strong growth in each of the acquired companies.
The company today ranks among the top 10 construction companies in the nation.
In 1996, Mr. Gellerstedt negotiated the acquisition of Beers Construction
Company by Skanska, A.B., the international construction company based in
Stockholm, Sweden. He has continued to serve as chairman and CEO of Beers since
the acquisition.
Mr. Gellerstedt's extensive business and civic involvement includes serving on
the boards of directors of AGL Resources, Inc.; ALLTEL Corporation; Rock-Tenn
Company; Southern Mills, Inc. and SunTrust Bank. He is currently board chairman
of the Metropolitan YMCA and ESR Children's Health Care System, Inc., and serves
on the boards of Jesse Parker Williams Foundation, the Metro Atlanta Chamber of
Commerce, Central Atlanta Progress and the Commerce Club. He is a member of the
Atlanta Action Forum and Young President's Organization.
In 1992 Mr. Gellerstedt received the Ernst & Young Entrepreneur of the Year
award, and in 1993 the Atlanta Business League's CEO of the Year award. He and
his wife Carol have two children, Lawrence, 14, and Liza, 12.
Note: Any statements in this release regarding the company's expectations, hopes
or intentions or strategies regarding the future are forward-looking statements
that involve risks and uncertainties, and actual results could differ materially
from such forward-looking statements.
