By: E&P Staff
Maimi-based Quipp Inc. announced today that it acquired all outstanding stock of Newstec Inc. The remanufactured inserter and software controls supplier, based in Walpole, Mass., will become a Quipp subsidiary.
Referring to an earlier announcement that his company sought “acquisition candidates that could enhance our position in the post-press market in a transaction that we believe would contribute to shareholder value,” Quipp President and CEO Michael Kady said in a statement that “by adding Newstec’s business and personnel, we benefit from a more complete product offering,” expanded product development, and “increased depth of management talent.”
Kady added that Quipp and Newstec “worked together very effectively on some recent projects,” and that they have proposals that include both companies’ equipment.
Quipp’s chief called Newstec’s high-volume inserters for larger papers with greater post-press equipment-integration needs “a logical extension of our In-Line inserter product” for smaller newspapers and some direct-mailers.
Newstec President John “Skip” Connors and Sales and Marketing Vice President Terry Connors will retain their positions. Skip Connors also will serve as Corporate Development Vice President at Quipp.