X-Rite (NASDAQ:XRIT) today announced a revised re-development plan for its former Headquarters site in Grandville, Michigan after the Target Corporation notified the Company of its intention to terminate the contract to purchase the property last week.
“Target indicated to us that they needed only a portion of the site for their proposed store. Ultimately, we felt that breaking up the site and selling only a portion to Target would have limited the site’s flexibility and full potential,” stated Jeff Smolinski, X-Rite’s Sr. Vice President of Operations. “Target continues to express an interest in locating a store on the property.”
“This is a great site and the best option to maximize the value of the property is to work with a development firm and propose a comprehensive re-development plan for the entire 35 acres,” said Smolinski. “We are committed to making sure the property is sold to a buyer that is in a position to begin their own successful relationship with the City and the Community.”
(NASDAQ:XRIT) X-Rite, which recently acquired GretagMacbeth, is the global leader in color management, offering hardware, software and services for measuring, formulating and matching color. The Company serves a range of industries, including printing, packaging, photography, graphic design, video, automotive, paints, plastics, textiles, dental and medical. X-Rite serves customers worldwide from its offices in Europe, Asia and the Americas. Visit www.xrite.com (http://www.xrite.com) for more information.