The BIC Group has announced that a subsidiary of BIC USA has received court approval to acquire the assets of Norwood Promotional Products in an auction conducted in Norwood’s pending bankruptcy cases.

The acquisition totalled $125 million plus approximately $37.5 million in assumed liabilities. Through its BIC Graphic business, BIC has been involved in Promotional Products since 1969, mainly in writing instruments.

Bruno Bich, Chairman of the Board said: “We are investing in an industry in which we have been active and successful for the last 40 years and of which we have a deep knowledge. We have proven experienced management, strong and trustful relationships with the distributors and we understand the end-users’ demands.”

Mario Guevara, Chief Executive Officer added: “The complementarities of BIC Graphic, Antalis Promotional Products and Norwood will definitely give us, in addition to the size, the opportunity to lead the growth of this industry when it recovers and therefore create shareholder value.”