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Exhibit 99.1
News Release
[PAXAR LOGO]
PAXAR CORPORATION For additional information,
105 Corporate Park Drive contact:
White Plains NY 10604 BOB POWERS
914 697-6800 Fax 914 697-6893 Director, Investor Relations
914 697-6862
FOR IMMEDIATE RELEASE
PAXAR COMPLETES ACQUISITION OF BORNEMANN & BICK GROUP
WHITE PLAINS, NY, MAY 22, 2000 -- PAXAR CORPORATION (NYSE: PXR) has completed
the acquisition of the Bornemann & Bick ("B&B") group of companies in an
all-cash transaction for $57 million plus the assumption of approximately $4
million of indebtedness.
Headquartered in Germany, B&B is a leading manufacturer of a broad range of
apparel identification products and a major producer of woven labels for
European customers. B&B has operations in Germany, Hong Kong, China, Turkey,
Poland, India and Spain. Total annual sales for the B&B group approximate $55
million.
Arthur Hershaft, Chairman and Chief Executive Officer of Paxar, stated, "This
acquisition is another step in Paxar's strategic growth plan to be the leading
provider of apparel identification solutions in key markets around the world.
Strategically, B&B enhances our already strong position in Europe through its
leading presence in Germany with both apparel manufacturers and retailers. Also,
its manufacturing capabilities in China, Turkey and India enhance our ability to
serve customers who source from these important apparel manufacturing countries.
In summary, this acquisition strengthens our competitive position on a worldwide
basis."
Mr. Hershaft added, "We have a proven track record of building value with
successful acquisitions, and we are confident that B&B will provide global
synergy for Paxar."
Paxar is a global leader in providing innovative, value-added identification and
tracking solutions to retailers, apparel manufacturers and selected markets
where Paxar has unique capabilities.
Statements in this release about the future outlook related to Paxar Corporation
involve a number of factors affecting the Company's businesses and operations
that could cause actual future results to differ materially from those
contemplated by forward-looking statements. Forward-looking statements include
those indicated by words such as "expect". Affecting factors include general
economic conditions and the performance of the Company's operations within its
prevailing business markets around the world, as well as other factors set forth
in Paxar's 1999 Form 10-K Annual Report.
FOR MORE INFORMATION ON PAXAR,
CALL THE INVESTOR RELATIONS DEPT.: 914-697-6862
OR VISIT OUR COMPANY'S WEB SITE: www.paxar.com
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