Artech Printing Crumbles into Oblivion
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The Wisconsin Department of Commerce and Racine Economic Development Corp. have fallen under criticism that Artech was not sufficiently qualified to assume $3.75 million in Golden Book loans. The Journal-Sentinel also reported that another term of the agreement with state and Racine County officials, along with deal financier GE Capital, did not require Artech Capital to put any money into buying the plant unless it met its financial projections after 18 months, at which time a $1 million payment to the company's debt would have been required of Artech Capital. That projection was never realized.
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