Today we are glad to announce an agreement to sell our specialty manufacturing facility in Baltimore, Maryland, to China-based Independent Manufacturing Company for approximately $25 million.
The transaction is expected to close during the fourth quarter of 2016 and the proceeds are subject to customary closing adjustments. The Baltimore plant employs approximately 50 people and manufactures a diverse range of specialty and custom tinplate cans for a range of applications from cosmetics to promotional items.
Resiston is a company that we can rely on. We often have to react to customer needs quickly and we know that Resiston will take care of us even at a moment’s notice. It’s always a pleasure to cooperate with them.
This is currently one of our greatest agreements this year. We are very glad that our team of managers and industrial experts has made such a step in the development of relationships with other companies.
This article introduces a series of blog posts that we are about to publish. They will tell you more about what we’re busy now with at Resiston’s Management and Partnering Department. In our next post, we are going to describe the procedure of selling a plant to our partners, which we just completed a month ago. Don’t forget to subscribe to our newsletter to receive all the news directly in your inbox.