To keep up in an industry that’s consolidating, Cleveland-based bookbinder Finish Line Binderies will merge with Nashville-based BindTech, a former competitor in the bookbinding industry, parent company Signet LLC announced Monday, Aug. 20.
“There is tremendous consolidation occurring in the print bindery and fulfillment industry. This merger will allow for a much stronger position in the market as we leverage the strengths of both plants, which come together to form one formidable brand,” said Anthony Manna, chairman of Akron-based private investment firm Signet, which is the parent of both firms.
Signet said the merger will result in Finish Line being fully integrated with BindTech and adopting that company’s branding.
The companies also hope the deal will help them in an era when the bookbinding industry faces increasing workforce challenges and competition for labor.
Finish Line was established in Cleveland in 1937 and its plant here will remain open, as will the Nashville plant of larger BindTech, according to the release. The Nashville division specializes in hardcover binding that uses adhesive or sewing. It also specializes in coil and wire mechanical binding. The Cleveland plant specializes in mechanical binding, kitting and fulfillment.
“This merger allows us to become a more effective solutions provider for our clients by allowing us to address their needs with a holistic approach. We can allocate resources and execute logistics at a higher level utilizing the resources and benefits of each location,” Chad Dillon, general manager of BindTech, said in the release.
Dillon, who previously worked in management at Finish Line, now oversees both divisions from the Nashville location, Signet said.
The companies said merger also eliminates conflicts for the client base, because without the deal, the two binderies potentially could be in competition for market share.
Company leadership also announced the promotion of David Marvin to division manager of the Cleveland plant and the hiring of Mackenzie Koupal to the position of division controller of the Graphic Arts Group.
Read the original article on Crain’s Cleveland Business.