The sale is expected to conclude in late October, according to PMMI Chairman Bill Crist, CEO, Kliklok-Woodman, who delivered the announcement September 16 at PMMI’s Annual Meeting.
“Summit is a well-known, highly-respected publisher, with print publications and a significant digital presence that truly complements PMMI’s strategic plan. They bring to the table a fully developed platform, an established audience, and a high level of brand recognition — all within a proven business model,” Crist says. "PMMI’s strategic vision is to create opportunities where businesses and people along the packaging and processing supply chain can convene to network, problem solve, and do business. The robust platform Summit brings to the table will enhance our ability to do that.”
“I think it’s more than fair to say that PMMI’s greatest competitive advantage lies in the strength of our trade shows, programs, and services,” says PMMI President & CEO, Charles D. Yuska, noting that the multi-media platform will strengthen PMMI’s position. “This platform will help connect our PACK EXPO exhibitors with the trade show attendees year-round and will support the expanding group of expositions."
Summit President and CEO Joe Angel shares his enthusiasm. “The synergy between our two organizations is one that will enable us both to move to the next level in terms of what we can offer our subscribers, customers, PMMI members, and the packaging and processing community as a whole. We’re very excited to become part of PMMI, with whom we’ve had a strong relationship for so many years, and we look forward to the new opportunities this strategic acquisition will make possible.”
Under the agreement, the Summit Media Group staff will join the PMMI staff, with Summit offices remaining in the Chicago area.