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FOR IMMEDIATE RELEASE
Contact: Brad
Estrin
Executive Vice President
Sales & Marketing
(800) 395-7100, ext. 7227
bestrin@suddath.com
The Suddath
Companies Sells Data Division in Strategic Move
JACKSONVILLE, FLA (February 21, 2000) - The Suddath Companies, a
Jacksonville-based holding company that ranks among the largest
corporate relocation service providers in the country, announced an
agreement today to sell its subsidiary Data Storage Centers to Iron
Mountain, the world leader in records management. The official
transaction is anticipated to take place in early May.
Stephen M. Suddath, president and chief executive officer of The
Suddath Companies, announced the agreement, citing the consolidation
trend in the records management industry and the company's growth
strategy.
"Considering the significant shifts toward consolidation in the
records management industry, we believe this to be a strategically
sound decision for both Suddath and DSC," Suddath said. "While DSC
has been extremely successful since its 1986 inception, this
transaction is going to provide additional capital to Suddath,
thereby strengthening our current business and expanding our range
of services for customers."
In the announcement, Suddath also pointed to both companies'
eagerness to retain DSC's 200 employees, stating that all DSC hourly
staff will be automatically invited to join Iron Mountain, and all
DSC original hire dates will be honored. In addition, all but a
handful of managers and sales personnel will be employed by Iron
Mountain or elsewhere with the Suddath organization.
"It is no secret that good, knowledgeable employees are the key
to successful business, and we certainly value ours. We feel very
comfortable that our employees are going to the world leader in
their industry," Suddath said. "Iron Mountain has shown a compelling
interest in the welfare of DSC employees, and that made us even more
excited about this transaction."
Richard Reese, chairman and CEO of Iron Mountain, said he is
enthusiastic about the new opportunities the acquisition will bring
to his company and its employees. "We are delighted to join forces
with another industry leader like DSC," Reese said. "We are
especially looking forward to getting to know the employees'
individual talents and strengths as we all move forward toward
common goals."
About The Suddath Companies
Founded in 1919, The Suddath Companies is a diversified,
cooperative group of domestic and
international moving service companies.
These affiliates specialize in worldwide
corporate employee
relocation,
household residential moving, and warehouse and logistics
management. In addition to its international services to over 100
countries, Suddath operates nationwide as one of
United Van Lines’
largest agents. The Suddath Companies has over 1,200 employees
nationwide handling over 40,000 shipments annually. Suddath
Relocation Systems, a subsidiary of The Suddath Companies, provides
corporate relocation,
household goods transportation,
facility
moving,
warehousing and
logistics services to businesses and
consumers worldwide. For more information, visit their web site at
www.suddath.com.
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