Inscape announces the completion of the sale and leaseback of the Falconer, New York Facility and the sale of the DC Rollform business to Dahlstrom Roll Form
HOLLAND LANDING, Ontario, Jan. 02, 2020 (GLOBE NEWSWIRE) — Inscape (TSX: INQ), a leading designer and manufacturer of furnishings for the workplace, previously announced on November 11, 2019 that it had entered into an agreement for the sale of the Falconer Facility which currently manufactures Inscape’s branded Walls products and the DC Rollform integrated metal fabrication business to Dahlstrom Roll Form, subject to certain conditions. On December 31, 2019, all conditions were satisfied and the transaction was completed. The purchase price was $4.4 million (Canadian).
The Sale involved the following transactions:Sale of the DC Rollform Integrated Metal Fabrication businessSale of the Falconer, New York land, building and certain equipment located at 221 Lister AvenueLease agreement whereby Inscape leases back a portion of space to continue the manufacture and distribution of its branded Walls products.“This transaction is consistent with our commitment to grow our business profitably by focusing on our core branded business. We expect this transaction will significantly improve our operational and financial performance,” commented Brian Mirsky, CEO. About Inscape Since 1888, Inscape has been designing products and services that are focused on the future, so businesses can adapt and evolve without investing in their workspaces all over again. Our versatile portfolio includes systems furniture, storage, and walls – all of which are adaptable and built to last. Inscape’s wide dealer network, showrooms in the United States and Canada, along with full service and support for all our clients, enable us to stand out from the crowd. We make it simple. We make it smart. We make our clients wonder why they didn’t choose us sooner.For more information, visit myinscape.com.Contact Aziz Hirji, CPA, CA
Chief Financial Officer
T 905 952 4102