Business News

X-Rite Completes Sale of Former Headquarters

Friday 30. January 2009 - X-Rite, Incorporated, (NASDAQ: XRIT) the global leader in color technology, today announced that it has completed the sale of its former headquarters and manufacturing facility located in Grandville, Michigan 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,” 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, Interim Chief Financial Officer of X-Rite commented, “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.”