Cenveo Executes LoI To Sell Custom Envelope Division To Ennis

(RTTNews) - Cenveo Inc. (CVO) announced Tuesday that it has executed a letter of intent to sell its Custom Envelope Division to Ennis Inc. (EBF) for approximately $47.25 million in cash and the assumption of certain trade liabilities.

The closing, which is expected to be on or before September 27, 2013, is subject to the completion of normal due diligence procedures and the consummation of a definitive purchase agreement between the two parties.

Cenveo's Custom Envelope Division is comprised of the WISCO envelope brand, which is produced at a facility in Tullahoma, TN., and the National Imprint Corporation brand, which is produced at a facility in Claysburg, PA., which collectively generated approximately $40 million in sales in the previous fiscal year.