Banta Corporation
Company type | Public |
---|---|
NYSE: BN (1998–2006) Nasdaq: BNTA (1971–98) | |
Industry | Commercial Printing |
Founded | 1901 |
Defunct | 2006 |
Fate | acquired by RR Donnelley |
Headquarters | 225 Main Street Menasha, Wisconsin, U.S. |
Key people | Stephanie Streeter, CEO |
Products | Books, catalogs, financial documents, magazines, direct mail, labels, retail inserts |
Revenue | $1.5 billion (2005)[1] |
Number of employees | 8,000 |
Banta Corporation was a major printing, imaging, and supply chain management company of the United States, based in Menasha, Wisconsin, for all of its 105 years. Founded in 1901, it was acquired by Chicago-based RR Donnelley in late 2006.[1][2]
History
Much of the company's early growth came from educational contracts. George Banta, a member of
In the 1920s, one of George Banta, Jr.'s brothers-in-law, Russell Sharp, created an elementary school
Starting in 1969, the Banta Company began a program of acquisitions of imaging and printing-related companies as well as manufacturers of packaging, paper products, and display equipment. It also diversified within its print business, printing catalogs, trade books, and the Parker Brothers board game Trivial Pursuit.[5][8][9][10]
As the printing industry declined in the early 21st century, Banta spun off several units to focus on its core businesses. In August 2006, Connecticut-based envelope printer Cenveo made an unsolicited offer to buy the company, but Banta's management considered it hostile.[11] (Banta's stock price had recently fallen from the low $40s in late July; it closed at a penny under $34 on August 8, but the news shot the price up to $46 the following day.)[11] Instead, it accepted a $1.3 billion offer from major competitor RR Donnelley of Chicago in October,[1][12] at $52.50 cash per share ($36.50 plus a $16 special dividend).[13][14]
Family company
Founder Banta remained president until his death in 1935 at age 78.[3] His wife Nellie, who ran day-to-day operations from 1904 to 1911, assumed the presidency afterwards until her death in 1951.[citation needed] Their son, George Banta, Jr., joined the company in 1911 and served as president from 1951 to 1961.[citation needed] In 1965, George, Jr.'s son George Banta III took over, stepping aside to become chairman in 1971,[4][15] where he remained until 1983. The company's final chairman & CEO in 2006 was Stephanie Streeter.[16]
References
- ^ a b c "Donnelley to acquire Banta in $1.3 billion deal". USA Today. Associated Press. November 1, 2006. Retrieved October 27, 2013.
- ^ Dresang, Joel (November 1, 2006). "Banta accepts $1.3 billion buyout". Milwaukee Journal Sentinel. p. 1D.
- ^ a b "George Banta, publisher, dies". Milwaukee Journal. September 23, 1935. p. 4.
- ^ a b Stafford, Roger A. (February 21, 1972). "Banta plans to stay on top". Milwaukee Sentinel. p. 6, part 2.
- ^ a b c d "Banta Corporation." International Directory of Company Histories. The Gale Group, Inc. 2006
- ^ "348 Naymut St. | National or State Registers Record". Wisconsin Historical Society. 2012-01-01. Retrieved 2024-04-24.
- ^ Banta Corporation - 1998 annual report, p.4
- ^ "Trivial Pursuit boosts Banta's earnings". Milwaukee Journal. January 30, 1985. p. 7-part 3.
- ^ "Banta shareholders OK stock split". Milwaukee Journal. April 10, 1985. p. 8-part 3.
- ^ Engel, Larry (August 21, 1984). "George Banta Co Inc. bigger than its headquarters looks". Milwaukee Sentinel. p. 1-part 4.
- ^ a b Gores, Paul (August 10, 2006). "Cenveo Inc. offers $1.1 billion for Banta". Milwaukee Journal Sentinel. p. 1D.
- ^ "R.R. Donnelley to Buy Banta In $1.3 Billion Deal". The Wall Street Journal. 1 November 2006. Retrieved 2024-04-23.
- ^ All Business.com - accessed 2009-06-07
- ^ Dresang, Joel (November 2, 2006). "Cuts ahead for Banta". Milwaukee Journal Sentinel. p. 1D.
- ^ "Earle elected to presidency of Banta firm". Milwaukee Sentinel. November 28, 1978. p. 5, part 2.
- ^ Walker, Don (March 5, 2009). "Streeter, former Banta chief executive, to head USOC". Milwaukee Journal Sentinel. Retrieved June 7, 2009.