The Dallas Morning News reported that Dallas estimated the project would generate more than $1.8 million in net revenue over the course of 10 years. It also explained the proposed incentives in detail: The economic incentives proposal from Dallas includes $1.3 million in property tax abatements for up to 10 years for Vistaprint Manufacturing Texas and project developer Becknell Industrial Operating Partnership. Becknell would develop the land and lease it to Vistaprint for 10 years, with an option for the company to buy the plot outright. The city's economic development incentives package also includes up to $300,000 in Chapter 380 economic development grants to assist Vistaprint with workforce training programs for Dallas workers. On June 13, The Dallas Morning News reported that the Dallas City Council voted in favor of the incentives to prompt Vistaprint to build its facility in the area. Click Read More below for additional information.
Phoenix Color, a wholly-owned subsidiary of ALJ Regional Holdings, announced that it has entered into an asset purchase agreement to acquire the assets of Moore-Langen Printing in Terre Haute, Ind., from LSC Communications.
ALJ and Phoenix expect to finance the acquisition by amending ALJ’s existing term loan with Cerberus Business Finance, selling an aggregate of $1.5 million of ALJ common stock in a private offering to two investors who are unaffiliated with ALJ, and using $1.0 million in proceeds received from the recent stock option exercise by Jess Ravich, executive chairman of ALJ.
Marc Reisch, executive chairman of Phoenix, stated, “Our acquisition of Moore-Langen continues our commitment to book manufacturing, further extending our industry leading book component capabilities. We are very pleased to also be entering into a long-term supply agreement with LSC.”
Ravich added, “We continue to focus on targeted acquisitions, which are accretive to our business and provide long-term value for all our stakeholders.”
Moore-Langen has a history in the printing business dating back to 1864. David McCree, president of LSC’s Book division, commented, “LSC is pleased to grow our strategic relationship with Phoenix. We see this transaction adding mutual value to our abilities to better service our book publishing clients and their businesses.”