Courier Completes Sale of Unused Portion of Manufacturing Complex
Press release from the issuing company
NORTH CHELMSFORD, Mass.--May 26, 2004-- Courier Corporation, one of America's leading book manufacturers and specialty publishers, today announced that it has completed its previously announced agreement to sell approximately 200,000 square feet of unoccupied and underutilized portions of its multi-building manufacturing complex in Westford, Massachusetts for $1.7 million. The buyer, Abbot Mill LLC, intends to convert this facility into high-end residential dwellings. Courier will continue its current levels of book manufacturing at the site.
James F. Conway III, Chairman and Chief Executive Officer stated, "The completion of this property sale will result in reductions in our building operating costs without impacting our book manufacturing operations in Westford. The agreement requires that we incur certain post closing costs, such as the separation of all utilities within the complex. Although these costs could be significant, the Company anticipates realizing a small gain on the sale.
"We are pleased to know that the property will be put back to productive use, and wish every success to its new owner, Abbot Mill, LLC. I would also like to acknowledge the cooperative efforts of the various boards within the Town of Westford for providing the opportunity to return these historic multi-story structures to a prominent place within the Westford community."
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