Summit Laser and Graphic Technologies Merge8 Sep, 2004
Summit Laser and Graphic Technologies Merge
Senior management at Summit Laser Products, and Graphic Technologies have reached an understanding in principle to merge the two firms. Both companies started their businesses in 1985 and are founders in the Cartridge Component Supply Industry.
Corporate Headquarters will be in New York, led by Steven Hecht, President. Research and Development will be headquartered in Nevada, and led by Ira Seaver, who will take the position of Executive V.P. and Head of Research. Mike Josiah will continue on as V.P of Technical Services. Mark Camber-Thomas will continue as V.P. of Sales, and Lew Helfstein will serve as CEO during the transition period. Graham Galliford will remain with the firm with responsibilities in the product development area. Jeff Bouey will serve as Corporate Comptroller and oversee the California operation.
“These two companies bring together superior toner and chip technology along with a strong domestic and international distribution network. With distribution facilities in both California and New York, domestic customers will immediately benefit from one and two day ground deliveries. Internationally, the company has distributors in the United Kingdom, Ukraine, Hungary, Brazil and New Zealand. This merger allows us to proceed with our plans to expand into Japan, China and Australia,” said Mark Camber Thomas, Vice President of Sales.
The Toner Remanufacturing Industry is facing ever increasing challenges, ranging from chip technology to new toner formulations said Ira Seaver. Summit Technologies recognize that a greater investment in all these technologies is required to keep pace with our customers’ requirements. The combination of GTC and Summit will afford the technical staff even greater opportunities to meet those needs. “With Joe Cachia in charge of our chip manufacturing facility in Nevada, we have every confidence that we can continue to supply new chip offerings with the highest quality products,” said Ira.
“The merger of the two companies and especially the joining of our two research departments will enable us to meet the challenges facing our industry today and tomorrow. With many new cartridges now using Polyester or chemical toners and “killer chips”, this merger leaves us uniquely poised to meet these challenges head on. I look forward to working with Ira and his team on all these issues.” said Mike Josiah.
The transaction should be completed by the time we get to Expo in Las Vegas, said Lew Helfstein. As with any deal of this size there are many different facets to arrange. After all the paperwork is completed it will be Steven Hecht’s responsibility to integrate our systems.
“We currently have a 99.8% fill rate on all orders”, said Steven “and we are fortunate that both companies utilized the same data processing and accounting system. We are confident that our customers will experience a seamless transition, with improved order fulfillment.”