Checkpoint Systems, Inc. to Centralize Product Leadership
THOROFARE, N.J.–(BUSINESS WIRE)–May 29, 2008–Checkpoint Systems, Inc. (NYSE: CKP), a leading manufacturer and marketer of identification, tracking, security and merchandising solutions for the retail industry and its supply chain, today announced that it will centralize the operational leadership of its global product lines.
Beginning in the third quarter of 2008, management of Checkpoint’s global product lines within its Shrink Management Systems and Intelligent Labels businesses will be led from its existing geographic headquarters in Madrid, Spain. Per Levin, Checkpoint’s Worldwide President, Shrink Management and Merchandising Solutions will return to Spain and continue to lead the Company’s shrink management and merchandising solutions business. A search for a worldwide president of labels solutions, based in Madrid, Spain, is planned in order to replace John Davies, who previously held the position and has decided to pursue other career opportunities in the United States.
Checkpoint’s operations in Madrid, Spain are already at the geographic center of its European operations and are the base for some of the Company’s key global functions, including customer management, human resources, business analysis support and leadership of product solutions within Checkpoint’s Retail Merchandising business. Checkpoint’s corporate headquarters will remain in Thorofare, NJ.
“Checkpoint is a growing global organization, with more than half of its revenue generated from customers in Europe and Asia,” said Rob van der Merwe, President and Chief Executive Officer of Checkpoint. “Relocating the leadership of our shrink management and intelligent labels solutions places the management of all our business segments in a geographically ideal position from which to more effectively manage all our global lines of business and maximize our ability to communicate with our customers and facilities all over the world. On behalf of the Board of Directors and the Company, I thank John Davies for his significant contributions to Checkpoint and we all wish him well in his new endeavors.”
Checkpoint also announced the newly created position of Chief Information Officer to oversee information technology operations as well as develop systems and processes to increase productivity and organizational efficiency. The Company has initiated a search for candidates for the CIO position, which will be based at Checkpoint’s corporate headquarters.
Checkpoint Systems, Inc.
Checkpoint Systems, Inc. is the leading supplier of retail shrink management solutions. Checkpoint’s global team helps retailers – and their suppliers – reduce theft, increase inventory visibility and provide consumers with greater merchandise availability through the company’s rapidly evolving RF technology, expanding shrink management offerings and Check-Net labeling solutions. Checkpoint has more than one million RF devices installed in stores today and has secured more than 100 billion products. Scaling cost efficiently, Checkpoint’s solutions provide increased revenues and profits to a fast-growing community of successful retailers and a superior experience for their consumers. Listed on the NYSE (NYSE:CKP), Checkpoint operates in every major geographic market and employs 3,900 people worldwide. For more information, visit www.checkpointsystems.com.
Caution Regarding Forward-Looking Statements
This press release includes information that constitutes forward-looking statements. Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” believe,” “seek,” or “will.” By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include: our ability to integrate the acquisition of the Alpha S3 business and to achieve our financial and operational goals for Alpha S3; changes in international business conditions; foreign currency exchange rate and interest rate fluctuations; lower than anticipated demand by retailers and other customers for our products; slower commitments of retail customers to chain-wide installations and/or source
tagging adoption or expansion; possible increases in per unit product manufacturing costs due to less than full utilization of manufacturing capacity as a result of slowing economic conditions or other factors; our ability to provide and market innovative and cost-effective products; the development of new competitive technologies; our ability to maintain our intellectual property; competitive pricing pressures causing profit erosion; the availability and pricing of component parts and raw materials; possible increases in the payment time for receivables as a result of economic conditions or other market factors; changes in regulations or standards applicable to our products; the ability to implement cost reduction in field service, sales, and general and administrative expense, and our manufacturing and supply chain operations without significantly impacting revenue and profits; our ability to maintain effective internal control over financial reporting; and additional matters disclosed in our Securities and Exchange Commission filings. We do not undertake to update our forward-looking statements, except as required by applicable securities laws.