Press release from the issuing company
Freeport, OH - Freeport Press officially completed the order for a second Komori System 38s commercial heat-set web printing press which will be a sister press to the one installed in September 2008. The two presses will have the ability to run in tandem producing larger signatures or run independently. The press is manufactured in Japan and delivery is expected to begin in December of this year.
"Our intent is to double our volume over the next five years, which will provide a number of opportunities," said David G. Pilcher, President and Owner of Freeport Press.
The transaction totaled $6 million and includes money from the Ohio Department of Development and equity from PNC Bank through the state's New Market Tax Credit. Also the Ohio Finance Fund was part of the loan and played a key role in bringing all parties together. Over the term of seven years the company expects to retain their 150 employee base and add 40 or more employees.
"We're appreciative of the loan being made to Freeport Press in these very difficult economic times," Pilcher said. "We're grateful for the great progress we've made in spite of the economy."
In 2009, the company posted its best year in new sales with more than $8 million in new annualized accounts signed up totaling more than 100 new customers. It will be focused on more than $10 million in new annualized accounts signing up in 2010.
The state loaned the firm $750,000 in 2003. That money has been repaid in full. The commercial heatset printing company is 130 years old this year. Its printing presses produce digest, magazine and tabloid publications, catalogs and direct-mail products for customers throughout the eastern half of the United States.
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