Auction Marks End of Major Printer, Offers Bargains
When I was growing up, it was a “city upon a hill.”
I can recall countless stories told at the dinner table in the early ’90s. My father would tell how he’d received a phone call at 5 p.m. on Friday. It was them, again. As usual, they were overbooked and needed to outsource five web presses worth of work for all of the next week.
It didn’t happen once; it happened many times. And when the call would come, you knew that a fleet of semis was already on its way with paper rolls, dyluxes and chromes.
Berlin Industries was a great company. It was founded in 1919 as a subsidiary of the AO Smith Corp. By the turn of the century, it had $140 million in sales, a list of Fortune 500 customers, 500,000 square feet of manufacturing space, and was one of the early printers to meaningfully enter the lettershop business. In a sense, Berlin was the king of Chicago.
That was then.
By this time last year, the company was an unrecognizable specter of its former self, and most of its assets were acquired by another printer for pennies on the dollar. I could dive into creative destruction and the circle of life, but I’m not going to right now.
Last week, the remaining assets were auctioned off to the highest bidder. It was an end of an era, but much more than that. For Berlin, the chapter closed…or the book, I should say. For the buyers, however, it as a new opportunity to grow, using the assets of a once-great enterprise.
If you had found yourself at the auction, you could have purchased a Heidelberg Sunday M3000 five-unit web press for a mere $47,000. [Pause.] Think about that—$47,000 for the latest generation of web offset technology, sold for a nickel on the dollar of the original price.