X-Rite Inc. has completed the sale of its former headquarters and manufacturing facility in Grandville to CWD Capital LLC for a purchase price of $7,225,000. X-Rite indicated 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,” stated Thomas J. Vacchiano, Jr., Chief Executive Officer for X-Rite. “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, X-Rite’s interim CFO, said the company has been operating under difficult commercial real estate conditions for more than two years. As a result of the sale, he said, X-Rite will reduce its expenses in 2009 since it will no longer incur interest and operating costs on the Grandville facility that it vacated in December 2006, at which time it relocated its headquarters to Kentwood.