TOSHIBA AMERICA BUSINESS SOLUTIONS REINFORCES STRATEGIC GROWTH PLAN WITH ACQUISITIONS OF STRINGER AND WAGERS
Latest Toshiba Business Solutions Network Acquisitions Prime Toshiba for Success in Key Northwest Markets
IRVINE , California ( May 13, 2004 ) :
Toshiba America Business Solutions, Inc. (TABS) today announced it has acquired Stringer Business Systems and Wagers Business Systems, Inc., in January and March respectively. Both companies are leading independent copier dealers based in St. Paul, Minn. Stringer Business Systems, with no previous Toshiba relationship, sold 10 of its offices located throughout the northwest United States to Toshiba, in which more than 150 people are employed. Wagers Business Systems, an authorized Toshiba dealer for more than 25 years, currently employs 73 professionals serving the areas of central and south Minnesota, as well as west central Wisconsin.
Stringer Business Systems and Wagers Business Systems will become part of TABS' Toshiba Business Solutions (TBS) division, a network of acquired Toshiba equipment dealers. Stringer and Wagers represent the 25th and 27th acquisitions by TABS since TBS was formed nine years ago. Former Stringer CEO John Stringer, Jr. will remain with the company, serving as president and running the day-to-day operations, while Wagers' president Ron Stainer will retire after a brief transitional period.
The acquisitions of Stringer and Wagers mark Toshiba's second and fourth acquisitions in calendar year 2004. The acquisitions are part of TABS' overall objective to bolster the TBS operation by targeting large independent dealers in the top U.S. markets. TABS has most recently acquired Business Methods in New York, Hawaii Business Equipment, Systems + Solutions in South Florida and Moody Business Associates (MBA) of Hayward, Calif.
"These latest TBS acquisitions are significant for Toshiba," said Rick Taylor, senior vice president, Sales, Marketing, Business Operations, TABS. "By acquiring and merging two of the area's leading distributors - one already familiar with Toshiba products and the other offering competitive products - we're able to play off the strengths of each, which will position Toshiba extremely well in key northwestern markets such as Minneapolis."
"Stringer is so proud to be joining forces with Toshiba," said John G. Stringer, Jr., CEO, Stringer Business Systems. "Toshiba has long been known for innovative office products that improve the way people work, and we're anxious to take advantage of these innovations for our customers' benefit."
"As a committed partner with Toshiba for 27 years, we couldn't be happier about making this transition to becoming a member of the TBS Network," said Ron Stainer, president, Wagers Business Systems. "This new relationship provides a true win-win-win situation for Wagers' customers, our employees and the entire Toshiba organization."
About Stringer Business Systems
Stringer Business Systems offers integrated document management equipment, technologies and resources that cover the critical document management applications in any modern office environment. Headquartered in St. Paul, Minn., Stringer Business Systems was founded in November 1984, employing more than 150 professionals and serving customers throughout the northwestern United States.
About Wagers Business Systems
At the time of its acquisitions, Wagers Business Systems was the oldest privately owned office equipment dealership in Minnesota, celebrating its 100th Anniversary in 2003. With offices in St. Paul and Rochester, Minn., Wagers Business Systems has been an authorized Toshiba dealer since 1977.
About Toshiba America Business Solutions
Toshiba America Business Solutions, Inc. (TABS) manages product planning, marketing, sales, service support and distribution of copiers, facsimiles, multifunction printing products, network controllers and toner products throughout the United States, Latin America and the Caribbean. Headquartered in Irvine, Calif., TABS comprises four divisions: the Electronic Imaging Division, Toner Products Division, Document Solutions Engineering Division and Toshiba Business Solutions (TBS), a subsidiary that operates a network of acquired office equipment dealers.
Named the most favored manufacturer in seven of the past eight years by the Business Technology Association (BTA), Toshiba's entire product line, customer support and marketing distribution policies are a marker for the industry. Among the many other awards garnered in recent years, Toshiba was named the "Copier Manufacturer of the Year" by the Marketing Research Consultants (MRC) in 1997, 1998, 2001 and 2002 and received the CIO Web Business award for its leading edge intranet site in 1998, 1999 and 2000.
TABS is an independent operating company of Toshiba Corporation, the sixth largest electronics/electrical equipment company and the world's 62nd largest company in terms of sales. Toshiba Corporation is a world leader in high technology products with more than 300 major subsidiaries and affiliates worldwide. Fiscal year revenue in 2002 was approximately $47 billion.
For more information on Toshiba copier, facsimile, multifunction printing products, network controllers or toner products, or for a dealer in your area, call 1-800-GO-TOSHIBA or visit the TABS Web site at www.copiers.toshiba.com.