GRAND RAPIDS, MI - X-Rite Inc. announced that it has completed the sale of its former headquarters and manufacturing facility located in Grandville, MI, to CWD Capital L.L.C. for a purchase price of $7,225,000. The company stated that it would use the net proceeds from the sale to retire the $5.2 million mortgage on the property and pay down first lien debt by $1.7 million.
“This is very good news for the company,” says Thomas J. Vacchiano, Jr., X-Rite CEO. “The sale of our Grandville property is a continuation of our profit improvement plan, and it allows us to focus more of our attention on executing our core strategy. We want every member of the X-Rite organization to focus their time and energy on matters that contribute to our business, driving future growth and profitability.”
Bradley J. Freiburger, Interim Chief Financial Officer of X-Rite says, “We have been operating under difficult commercial real estate conditions for over two years. As a result of the sale, we will also reduce our expenses in 2009, as we will no longer incur interest and operating costs on a facility that we vacated after moving to our new offices in December 2006. We are confident that this was the right deal at the right time for X-Rite.”
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