X-Rite Plans Corporate Headquarters Move to Accommodate Future Growth
Press release from the issuing company
GRANDVILLE, Mich.--April 19, 2005-- X-Rite today announced plans to move its corporate headquarters, including manufacturing and offices, to 4300 44th Street SE, in the City of Kentwood. The move is expected to take place before the end of June 2006.
"We are very pleased with our decision to stay and expand in West Michigan," said Michael C. Ferrara, X-Rite's Chief Executive Officer. "The basis of our evaluation was economics, long-term shareholder value, and our employees. This was a smart business decision for our company as we considered each in accordance with the growth potential of our color business over the next five years and beyond."
X-Rite worked with Pollina Consulting who led the evaluation process. "X-Rite was very thorough in its evaluation of all the options our team presented," said Ron Pollina of Pollina Consulting. "As we narrowed the list of options, it was clear that this facility was optimal to support X-Rite's long-term growth strategy."
X-Rite's decision to stay and expand in West Michigan was also in part due to tax incentives and grants offered by The Michigan Economic Development Corporation (MEDC) and the City of Kentwood. Over the next five years, X-Rite's planned investment in the property will be approximately $44.5 million. This includes the acquisition, renovation, and furnishing of the 350,000 square foot property and planned capital equipment purchases over the next five years.
"Michigan's favorable business climate and excellent pool of highly qualified workers made X-Rite's decision to grow here a sound business decision," said Michigan Governor, Jennifer M. Granholm.
In 1986, with 175 employees and approximately $10 million in annual revenue, X-Rite moved into its current Grandville facility. Today, the company is a global leader in color solutions, with 18 offices worldwide employing approximately 640 employees, of which 440 work in Grandville. "We thank Grandville for their support of X-Rite over the past twenty years," said Ferrara.
"Most importantly, we thank our customers and partners worldwide for embracing X-Rite's color innovation," said Ferrara. "We are committed to increasing shareholder value, leading our industry, and building a truly great Company."
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.