Inscape (TSX: INQ), a leading designer and manufacturer of furnishings for the workplace, announces it has 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 (the “Proposed Transaction”). The purchase price is estimated at $4.5 million (Canadian). The sale is subject to completion of certain terms and conditions, including but not limited to financing and due diligence. The expected closing date is on or before December 30, 2019.
The Sale involves the following transactions:
- Sale of DC Rollform Integrated Metal Fabrication business
- Sale of the Falconer, New York land, building and certain equipment located at 221 Lister Avenue
- Inscape will lease back a portion of space to continue the manufacture and distribution of our branded Walls products. To ensure a smooth transition, the new leasing agreement will take effect on closing
“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.