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As Continental Graphics Holdings was focusing on its core competencies of specialized technical information to the aviation industry and film services to the entertainment industry, it decided to consider a divestiture of Arts & Crafts Press and Rush Press.
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The independent sale of Arts & Crafts Press and Russ Press separately as well as a sale of both opertions together were pursued.
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As the process developed, it became evident that Consolidated Graphics (“CGX”) was both the most qualified and highest priced buyer. In addition, CGX had a desire to hire and provide growth opportunities for the management teams of both companies, providing for a smooth transition.
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The proceeds from the sale included CGX shares that were sold by Continental Graphics Holdings post-closing to paydown debt and, ultimately, maximize shareholder value.