Message #14 From:
NewsBot Date: November 30, 2006 07:10:00 AM
ABD News ACCO Brands Announces Change in Board of Directors
LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--ACCO Brands Corporation (NYSE: ABD), a world leader in select categories
of branded office products, announced today that Forrest M. Schneider
has resigned from its board of directors.
Mr. Schneider is president and chief executive officer of Lane
Industries, Inc. Lane Industries was the principal shareholder of
General Binding Corporation, which merged with the former ACCO World
subsidiary of Fortune Brands, Inc. in August, 2005 to create ACCO Brands
Corporation. Over the past 14 months, in a series of transactions, Lane
Industries has reduced its holdings in ACCO Brands to approximately 5%
of the company’s outstanding shares. Given
Lane Industries’ reduced ownership stake, Mr.
Schneider has advised the company that he now wishes to focus more of
his activities on Lane Industries’ other
business interests.
“We are grateful for Forrest’s
significant contributions to ACCO Brands Corporation and for his
previous service to General Binding Corporation, where he served as a
director since 2000,” said David D. Campbell,
chairman and chief executive officer. “Forrest’s
counsel was particularly valuable during the initial stages of our
merger integration process. We wish Forrest and Lane Industries well as
they pursue new initiatives.”
With the resignation of Mr. Schneider, the ACCO Brands board will have
eight members until a search to replace Mr. Schneider is completed.
About ACCO Brands Corporation
ACCO Brands Corporation is a world leader in select categories of
branded office products, with annual revenues of nearly $2 billion. Its
industry-leading brands include Day-Timer®,
Swingline®, Kensington®,
Quartet®, GBC®,
Rexel®, and Wilson Jones®,
among others. Under the GBC brand, the company is also a leader in the
professional print finishing market.
Forward-Looking Statements
This press release contains statements which may constitute
"forward-looking" statements as that term is defined in the Private
Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to certain risks and
uncertainties, are made as of the date hereof and the company assumes no
obligation to update them. ACCO Brands' ability to predict results or
the actual effect of future plans or strategies is inherently uncertain
and actual results may differ from those predicted depending on a
variety of factors, including but not limited to fluctuations in cost
and availability of raw materials; competition within the markets in
which the company operates; the effects of both general and
extraordinary economic, political and social conditions; the dependence
of the company on certain suppliers of manufactured products; the effect
of consolidation in the office products industry; the risk that
businesses that have been combined into the company as a result of the
merger with General Binding Corporation will not be integrated
successfully; the risk that targeted cost savings and synergies from the
aforesaid merger and other previous business combinations may not be
fully realized or take longer to realize than expected; disruption from
business combinations making it more difficult to maintain relationships
with the company's customers, employees or suppliers; foreign exchange
rate fluctuations; the development, introduction and acceptance of new
products; the degree to which higher raw material costs, and freight and
distribution costs, can be passed on to customers through selling price
increases and the effect on sales volumes as a result thereof; increases
in health care, pension and other employee welfare costs; as well as
other risks and uncertainties detailed from time to time in the
company's SEC filings.
