Walsworth Buying Gear From Defunct Boyd Brothers
MARCELINE, MO—Walsworth announced that it has entered into an agreement to acquire significant manufacturing assets from Boyd Brothers Printing of Panama City, FL.
The acquisition of equipment was made possible when Boyd Brothers President and owner Jim Boyd Jr. announced to his employees the commercial printing company is closing after 83 years in business. The move will leave more than 100 Boyd Brothers employees without jobs, according to the Panama City News Herald.
“The strength of our business has always been the professionalism of our employees and the loyalty of our customers,” said Boyd. “Unfortunately, due to the changing dynamics of the industry and lack of access to capital, Boyd is forced to close its doors.”
Boyd Brothers Printing is working with Walsworth in winding down its operations in an orderly manner to mitigate the impact on employees, customers and vendors.
Walsworth is expected to relocate several presses, bindery equipment and other ancillary items to its production facilities in Missouri and Michigan. The newspaper pegged the value of the equipment at about $2 million.
“This equipment will enhance our competitiveness and give us additional capacity for our commercial and yearbook divisions," said Don Walsworth, president of Walsworth.
The relocation of the manufacturing equipment is expected to occur during the first quarter of 2015