Company Profile
Company Overview
Valassis (NYSE: VCI) offers a wide range of marketing services to consumer packaged goods manufacturers, retailers, technology companies and other customers with operations in the United States, Europe, Mexico and Canada.
The combination of Valassis and ADVO creates the nations leading marketing services company including newspaper-delivered promotions, direct mail, in-store marketing, Internet-delivered marketing and analytic services. Together we reach over 60 million households through newspaper distribution and 90% of U.S. homes though shared mail distribution. The company has more than 15,000 advertisers worldwide, representing 96 of the top 100 U.S. advertisers.
Company History
1970
George F. Valassis incorporated George F. Valassis & Co. as a sales agent for printing companies.
1971
Valassis purchased its first printing press; moved from its entrepreneur owner's home to Oak Park, Michigan, where it operated as a full commercial printer. Delta Printing Corporation, a wholly owned subsidiary of George F. Valassis & Co., also produced printing for the parent company.
1972
Valassis revolutionized the coupon industry with a unique product called the Co-op Free-standing Insert (FSI). Valassis was the first company to offer advertisers a well-organized, professional FSI program with national reach and a commitment to guaranteed publishing dates and market distribution.
1983
Valassis added a second printing facility in Durham, North Carolina. Promotion Watch, a consulting service for customers' promotion security needs was introduced.
1985
Valassis added a third printing facility in Wichita, Kansas.
1986
Valassis purchased Newspaper Co-op Couponing (NCC) adding on-page, Run of Press (ROP) newspaper couponing to Valassis' product line. This acquisition made Valassis the only company to provide both color inserts and on-page newspaper couponing. Valassis was acquired by Consolidated Press Holdings (CPH) of Sydney, Australia, owned by Kerry Packer.
1989
Valassis formed Valassis Impact Promotions (VIP), a specialty print promotion operation that produces custom promotional pieces featuring one company, often a food service or other franchise retail company. By 2001, VIP would grow into a division generating over $100 million in annual sales. VIP is now the Targeted Print and Media Solutions Division that produces products delivered to neighborhoods.
1992
CPH took Valassis public as Valassis Communications, Inc. (VCI), issuing 22.1 million shares of stock on the New York Stock Exchange (NYSE) at $17 per share; CPH retained 49 percent of the shares. Although VCI is now branded "Valassis," VCI remains the stock ticker on the NYSE. Valassis introduced the C&D County Insert, which distributes FSIs to over 5 million households in small, rural communities with key retail locations. This program allows marketers to reach consumers in outlying areas with a four-color coupon vehicle, while promoting traffic in local stores.
1993
Valassis acquired Newspac® from the Newspaper Association of America and the Chicago Tribune. Newspac would eventually be developed into a family of targeted marketing products delivered to neighborhoods - Newspouch®, Retail Bag™, Brand Bag™ and Brand Bag+™ - all delivered via the home-delivered newspaper. Valassis named one of the "100 Best Companies to Work for in America" by the concept originators, Robert Levering and Milton Moskowitz.
1995
Valassis expanded into Canada with the acquisition of Canadian marketing company McIntyre & Dodd.
1996
The Valassis Board of Directors authorized the company's first 5-million share repurchase program.
1997
CPH divested its interest in VCI and completed a successful secondary offering at $24 per share; Valassis became an independent public company, increasing liquidity and doubling trading levels in the stock. Valassis completed construction of a new corporate headquarters in Livonia, Michigan. Valassis developed Brand Bag and Brand Bag+, polyethylene newspaper bags imprinted with advertisers' messages, which can include a tear-off, weather-resistant coupon. Valassis ranked one of the "100 Best Companies to Work for in America" by Levering and Moskowitz, in conjunction with Fortune magazine.
1998
Executive Vice President and Chief Operating Officer, Alan F. Schultz, succeeded David A. Brandon as President and Chief Executive Officer. Under Schultz' leadership, Valassis began positioning itself to be more customer-driven versus product-driven, and developed a strategic growth plan. Valassis named one of the "100 Best Companies to Work for in America" by FORTUNE magazine. Valassis Promociones, a fulfillment group in Mexicali, Mexico was acquired. The Valassis Board of Directors authorized the company's second 5-million share repurchase program.
1999
A 30% investment in Relationship Marketing Group, Inc. (RMG) to provide a retail-sponsored direct mail vehicle targeting frequent shopper households based on prior purchase behavior. RMG was later merged to become what is now Valassis
Relationship Marketing Systems (VRMS). VCI stock split for the first time, 3 for 2. Financial restructuring plan included reducing debt, lowering interest rates, purchasing $110 million of 9.55% senior notes due in 2003. Valassis named one of the "100 Best Companies to Work for" by FORTUNE magazine.
2000
Valassis' purchased a minority interest in Coupons, Inc. Valassis acquired PreVision Marketing, which added another level of 1 to 1 loyalty programs to retail trade through PreVision's customer base. Valassis acquired AMN, a direct-to-door sampling business. Valassis signed an agreement with VNU Marketing Information, Inc. to combine Valassis' RMG and VNU's Retail Marketing Systems (RMS) to produce VRMS. This merger accelerated Valassis' ability to target customer communications based on grocery retail frequent shopper data. The Valassis Board of Directors authorized the company's third 5-million share repurchase program. Valassis named one of the "100 Best Companies to Work for" by FORTUNE magazine.
2001
In April 2001, Valassis unveiled its new corporate identity: "Valassis … Connecting People to Brands." Valassis offered 20-year zero coupon convertible notes. Aztec two-dimensional bar code patent granted to Valassis. The Valassis Board of Directors authorized the company's fourth 5-million share repurchase program. Valassis reduced its debt by $70 million. Valassis named one of the "100 Best Companies to Work for" by FORTUNE magazine.
2002
Working with Papel Media to develop a Hispanic newspaper database, Valassis launched the Hispanic FSI. The first Integrated Solution was delivered, GM Hispanic Marketing Brand Bag, Direct Mail and Solo Insert. Valassis increased its ownership of VRMS to 88%. Valassis entered into a $125 million revolving credit facility. Valassis named one of the "100 Best Companies to Work for" by FORTUNE magazine.
2003
Valassis acquired NCH Marketing Inc., a coupon clearing and marketing services company with offices in France, Italy, Spain, Germany, England, United States and Mexico making Valassis an international company. Valassis launched its Vision to be an innovative, integrated marketing solutions company focused on customers in a broad range of industries. Valassis purchased remaining 12% of VRMS, making it a wholly-owned subsidiary. Valassis purchased the remaining part of PreVision Marketing, making it a wholly-owned subsidiary. Valassis offered 30-year convertible senior notes to institutional investors. Valassis named one of the "100 Best Companies to Work for" by FORTUNE magazine.
2004
Valassis began testing new media products and services in Europe. Valassis purchased Direct Marketing Services. Valassis named to IndustryWeek’s “50 Best Manufacturing Companies” list for the first time. Valassis reached $1 billion revenue milestone. Valassis named one of the "100 Best Companies to Work for" by FORTUNE magazine.
2005
The Valassis Board of Directors approved the company’s share repurchase program of up to 5 million shares of common stock and utilization of up to $150 million of cash and up to 100% of 2006 free cash flow. Valassis sold 110 integrated solutions exceeding its goal of 100. Valassis launched eSettlement, a unique web-based system that links retailers and manufacturers in the management and settlement of trade promotions. Valassis gained SysTrust certification on the co-op free-standing insert process. Valassis is the only company to offer this for FSIs. Valassis was inducted into FORTUNE magazine’s “100 Best Companies to Work For - Hall of Fame” for being named to the list for eight consecutive years. Valassis named to IndustryWeek’s “50 Best Manufacturing Companies” list.
2006
Valassis named to Fortune Magazine’s “100 Best Companies to Work For list for the ninth consecutive year. The company also was named one of Advertising Age’s 100 Leading Media Companies and ranked one of “America’s 500 Largest Sales Forces” by Selling Power Magazine. Valassis formed a strategic alliance with Insignia POPS.
2007
Valassis acquired ADVO, Inc. in March. Valassis named among 101 Best & Brightest Companies to Work For by the Michigan Business and Professional Association and a “Cool Place to Work” by Crain’s Detroit Business. Valassis also included among Selling Power Magazine’s “50 Best Companies to Sell for.” The company signed a contract with Perimeter Media Technologies, an in-store marketing services division of Hobart, to co-develop, market and sell its Counteroffer™ brand.
Benefits
• Team Achievement Dividends (TAD): Employees share in the success of the company with bonuses twice a year. Awards are based on earnings per share (EPS) targets.
• Take Stock in VCI: We encourage our employees to take ownership of the company as shareholders and offer a payroll deduction stock purchase plan. Valassis also offers a 25% stock match.
• 401(k) Savings Plan: Our 401(k) Savings Plan is another way we help our employees build their future. Valassis offers a 20% match on the first 3% of an employee’s salary deferred into the plan.
• Profit-sharing: Depending on our performance in a given year, employees can receive anywhere from 3% - 12% of their annual base pay from the company in the form of a profit sharing contribution to their retirement plan. Over the past five years, employees have enjoyed an average slightly above 7% of their base wages in the form of a profit sharing contribution.
• Paternity Paid Time Off: New fathers receive three days of paid time off upon the birth of a child.
• Adoption Time Off: Employees receive two weeks of paid time off for the adoption of each child up to 18 years of age.
• Adoption Reimbursement: Recognizing that adoption can be a costly process, Valassis offers a reimbursement program for up to $5,000 for expenses related to the adoption of a child.
• Flex Scheduling: Flexibility is one of the hallmarks of our company. Flex-time schedules are highly utilized in all VCI divisions and departments.
• Kid Kare: Our child care reimbursement program is available to all full-time employees, and is based on length of service and income.
• Dependent Care Reimbursement Account: This is a unique way for employees to use pre-tax benefit dollars to pay for dependent-care expenses.
• Resource & Referral: We have partnered with LifeCare to offer resource and referral services (counseling, education, etc.) online.
• Employee Assistance Plan: We have contracted with professional counseling providers to help our employees resolve any alcohol and/or drug abuse problems they or members of their families may have.
• Onsite doctor: A doctor is available at all three of our Michigan facilities to treat our employees and their families. We also provide an online service, which enables employees company-wide to ask medical questions of our in-house doctor.*
• Onsite fitness centers: At our larger locations, fully equipped fitness centers are available to help our employees keep fit.
• Hair Salon: Clips, an onsite hair and nail salon, available to Michigan employees, provides a variety of services. *
• Travel Service: A travel consultant is onsite at our corporate headquarters and is available to coordinate both business and personal travel plans for our employees.
• Free Car Seats: Upon the birth or adoption of a child, Valassis offers a free car seat.
• Expectant Mother Parking: Parking close to the entrances is provided for expectant mothers.
• Boosters & High Chairs: Our cafeterias are furnished with boosters and high chairs for those special lunchtime visits.
• Discounts: As a special perk for our employees we've negotiated a host of discounts from cell phones to amusement parks. The "V" Plan: This car purchase program was developed to offer discounts and special rates to all Valassis employees.
• Beepers: We provide beepers to employees, at no cost to them, when there is a medical or other special need.
• Postal Services: Employees can send packages and letters via Federal Express, UPS or the Postal Service through our mailrooms, as well as purchase stamps.
• Dry Cleaning Services: We've contracted with dry cleaners to provide pickup and delivery at our facilities.