Agreement Reached on the Sale of Edwards Brothers Malloy State Street (MI) Property
ANN ARBOR, MI—November 27, 2013—Edwards Brothers Malloy announced it has accepted an offer to sell its State Street property, located at 2500 South State Street based here to the Regents of the University of Michigan for a total of $12.8 million. The sale is part of a year-long consolidation plan for the firm’s two Ann Arbor facilities. Edwards Brothers Malloy will rent back the property for one year as part of the agreement and continue selected operations there until they can be moved to the company’s Jackson Road plant.
“We’re happy with the deal,” said John Edwards, president and CEO. “It helps us protect jobs, stay here in Washtenaw County, and be competitive in a very difficult industry. My grandfather built this plant in the 1950s, so moving out of here will not be an easy thing for me to do, but it is the right move for our company.”
Edwards and Joe Upton, vice president of sales and marketing, met with Ann Arbor Mayor John Hieftje and Councilperson Sally Petersen to discuss the terms of the agreement. As part of a prior agreement, the City of Ann Arbor has the right of first refusal on the sale over the next 60 working days.
“The meeting went well,” relayed Edwards. “We welcome the opportunity to work with the Mayor and the Council over the coming weeks.”
About Edwards Brothers Malloy
Established in 1893, Edwards Brothers Malloy is the fifth largest book and journal manufacturer in the United States with over $100 million in annual sales. The company runs one of the largest digital print operations in North America with eight locations in the United States, and another in the United Kingdom. Edwards Brothers Malloy also offers fulfillment services in the United States, as well as global printing and distribution through its gps Global Print Solutions partnership, giving publishers a single print supply chain solution. Combined, its offset and digital printing platforms provide a Life of Title solution for helping publishers maximize revenues and profits on the life of every title.
Source: Edwards Brothers Malloy.