Grafica Veneta, one of the leading book printing companies in Italy and Europe, has acquired a majority stake in U.S. book manufacturer Lake Book Manufacturing.
Lake Book, based in Melrose Park, Illinois specializes in one- to four-color, hardcover and softcover printed books for fiction, nonfiction and children's book publishers. It employs about 300 people and has $117 million in sales.
For Grafica Veneta, the American market is "absolutely strategic and high potential" according to Fabio Franceschi, president of the Italian printing company that produces catalogs, magazines and books in a wide range of print runs.
With this acquisition, Grafica Veneta expects to produce at least 300 million color and black-and-white books this year, he says.
The new entity will have a workforce of approximately 700 employees and will have increased automation, according to Grafica Veneta. "The ability to produce directly in the U.S. will allow us to follow and serve major publishers in both America and Europe."
In a letter to his employees, Dan Genovese, president of Lake Book Manufacturing states: "If Lake Book had a family tree, our roots would go back to our Italian cousins. I'm sure a union between the Franceschi and Genovese families is a natural progression and will be successful.
Both Lake Book and Grafica Veneta are highly successful, second-generation family-owned businesses with shared values and complementary cultures. Both are driven by a strong entrepreneurial spirit, a passion for making quality books, a commitment to our employees and listening to its customers."
