Goss International CEO Rick Nichols Announces Transformation of Company

DURHAM NH—April 3, 2013—Rick Nichols, president and CEO of Goss International, today announced a transformation of Goss’ business and a reorganization of the company. Goss will focus on continuing to serve existing customers and growing market share in the company’s core markets, while expanding into new, neighboring product markets where it has a technological competitive advantage.

“The needs of our customers have shifted over recent years as our industry environment as a whole has changed,” explained Nichols, president and CEO of Goss International. “Today, customers tell us they need a focus on simple, easy to use and cost effective technology supported by world class aftermarket services. Goss continues to manufacture the highest quality print machinery, but I believe that where and how quickly customers can access service and support is now more important than where products are manufactured."

Nichols also adds that Goss also recognizes that its environment for doing business has fundamentally changed, and that the markets to drive the company's future growth and profitability are shifting. "We have decades of offset printing expertise. That gives us a significant advantage not just in our core newspaper and commercial printing sectors, but in other industries like packaging and emerging printing industries as well. Together, these are the reasons why we are transforming as a company.”

Nine months after his appointment, Nichols confirmed that Goss is making three key changes to the way it does business to achieve this. Firstly, the company’s organizational structure will be simplified in recognition of the changing needs of its customers. Goss will be organized around regional parts, service and support centers for customers.

Secondly, as part of the change in the organizational structure, Goss will bring its existing operations in Europe inline with this new structure to become one unified, pan-continental sales and service organization. Regrettably, despite Goss’ significant historical support and investment in its French subsidiary, Goss International France, that business has become financially untenable and unsustainable.

Goss International France has entered insolvency proceedings via a judicial reorganization process. Goss International Corp. and its subsidiaries outside France are not affected by this procedure and continue to operate as normal, while strong support has been put in place for customer orders already in motion in France.

Thirdly, Goss will continue to diversify its product portfolio to drive revenues in markets where the company’s technology and engineering expertise give it a competitive edge. Goss has already made significant inroads into the multi-billion dollar packaging market and will continue to target growth in this industry. The company will also examine other industries where it has an inbuilt competitive edge thanks to its technological expertise.

“Packaging is an attractive industry where Goss’ technology gives it a competitive advantage,” continued Nichols. “I’m pleased that we’ve already made inroads into this market with our Vpak products, but we will be expanding more aggressively in this sector as well as researching and entering other new markets where we hold a competitive advantage."

Nichols also emphasized that the transformation of the company and refocus on its growth is critical for its future. "Goss has been through a decade of change, but I am confident we are near the end of that period. We have had to take some very difficult decisions but these were absolutely necessary in light of the facts. Goss has a bright future ahead of it and I look forward to continuing to lead the company toward sustainable growth.”

About Goss International
Goss International supplies presses and finishing systems—including the most automated and productive web offset presses in the world—for magazine, newspaper, catalog, packaging, direct mail and other printing applications. Headquartered in Durham, NH, the company has manufacturing operations in North America, Asia and Europe, a worldwide sales and support network and 2,200 employees.

Source: Goss.