FASTech and Enternet ink deal to combine, solidify their control solutions for the bindery and newspaper packaging markets
(Glen Carbon, IL and Lisle, IL) FASTechnology Group, LLC and Enternet LLC announced today that they have agreed to merge in order to better serve the Commercial Printing market that they each serve, and to continue strategic investment and product development into the increasingly complex newspaper packaging market. The companies have signed a letter of intent to merge, subject to diligence and customary formalities, all of which are expected to be completed by January, 2008.
Joe Hattrup, FASTechnology Group founder and CEO, said “We have always respected Enternet’s bindery control solutions and the ingenuity of the Enternet development engineers in the Commercial Printing market. Over the last several years Enternet’s expansion into the newspaper packaging controls market and subsequent market share gains have been very impressive. This shall become strategic to our continued overall success. We look forward to aligning our considerable strengths and engineering talents with theirs, and the combined company veteran infrastructure and depth shall support both companies’ control platforms for the foreseeable future. In the long run we’ll be even more effective when both companies’ intellectual talents and skills work together to develop innovative next-generation products.”
John Sprieser, Enternet’s CEO, said he was “pleased that FASTech and Enternet can grow together, as FASTech’s technology base and distribution capabilities will serve our clients well. In the Commercial Printing market we have relied primarily on indirect distribution and this merger gives us strategic channel-to-market distribution alternatives via tapping directly into FASTech’s sales force. We’re excited.”
Joe Hattrup will be the CEO of the combined company, whose name will remain FASTechnology Group, LLC. John Sprieser will retire shortly after closing and Bob Davidson, Enternet’s President and COO, will direct the Newspaper Business division for a transition period. Each company’s offices, in Glen Carbon and Lisle, IL, and Dallas, TX respectively, will continue to operate. It is expected there will be negligible turnover or discontinuity, as it is the companies’ intention to fully support all clients and prospects.
FASTech customers/prospects should direct any questions to Joe Hattrup (+1 866 327-8324) while Enternet’s contact is John Sprieser (+1 630 300 1711).