Pitney Bowes to Buy Mail Company PSI
Pitney Bowes Inc. agreed Thursday to acquire PSI Group Inc., which prepares, sorts and organizes mail to earn postal discounts and expedite delivery for its customers, for $130 million.
PSI will become a wholly owned subsidiary of Pitney Bowes, continuing to operate under its current management.
“PSI’s knowledge and expertise in helping high-volume mailers reduce the costs and speed the delivery of mail complements our existing businesses and will help us better serve our high-volume customers,” said Michael J. Critelli, chairman and chief executive of Pitney Bowes.
PSI employs about 900 people at 12 operating centers across the U.S. and in its headquarters in Omaha, Neb.
Pitney Bowes, based in Stamford, is a $4.1 billion mail and document management company.
Shares of Pitney Bowe traded Thursday morning on the New York Stock Exchange at $39.80, up 25 cents.
