GRANDVILLE – X-Rite has agreed to sell its Grandville headquarters site near the sprawling Rivertown Crossing Shopping Center on Grand Rapids? southwest side to Target Corp. X-Rite will move to its new facility to nearby suburb Kentwood in the first quarter of 2007.
Final closing on the sale will be based on completion of the Buyer’s inspection and due diligence process as well as the granting of governmental approvals related to the future planned usage of the property.
“This is the next logical step in our relocation plans,” said Jeff Smolinski, X-Rite’s Sr. Vice President of Operations. “We have been working on finding a qualified buyer that fits with the Grandville community, ever since we made the decision to move. X-Rite has received a great deal of interest on the site and we feel Target’s proposal maximizes shareholder value, while being a Class A company with a very strong sense of community.”
Greg Tilsch, Target real estate manager, said the retailer has been looking at Grandville for quite some time.
“This is a great site and a great City,? Tilsch said. ?We look forward to joining the community.?
In 1986, with 175 employees and approximately $10 million in annual revenue, X-Rite moved into its current Grandville facility. Now the company is a global leader in color management solutions and products, with annual revenues of $245 million, more than 20 offices worldwide, and 1,060 employees, of which 440 work in Michigan.
In July, X-Rite completed a plan to acquire Swiss competitor Amazys Holding AG for $280 million. In a proxy filing, X-Rite said it issued 7.2 million shares of stock, or about 34 percent of its currently outstanding shares, in connection with the offer.
