Genrad completes sale of Concord, MA facility; New Westford, MA facility ready for spring 1997 occupancy.CONCORD, Mass.--(BUSINESS WIRE)--Jan. 30, 1997-- $3.8 Million Gain From the Sale of the Concord, MA facility was Taken in Fourth Quarter 1996 GenRad, Inc. (NYSE NYSE See: New York Stock Exchange :GEN) today announced completion of the sale of its 400,000 square foot headquarters located in Concord, Massachusetts Concord is a town in Middlesex County, Massachusetts, in the United States. As of the 2000 Census, the town population was about 17,000. Although a small town, Concord is noted for its leading roles in American history and literature. . Hall Gillespie, Inc., a joint venture between Boston real estate firms Hall Properties, Inc. and Gillespie Co. Inc., is the new owner. Net cash received from the sale of the Concord facility was $6.0 million. A gain of $3.8 million was taken in the fourth quarter of 1996. The results of fourth quarter 1996 and full-year 1996 were reported January 29, 1997. GenRad, which has occupied the Concord facility for nearly forty years, has entered a long-term lease with Gutierrez Co. for space in the Westford Technology Park in Westford, Massachusetts Westford is a town in Middlesex County, Massachusetts, United States. The population was 20,754 at the 2000 census. History Westford was first settled in 1635. Originally a part of neighboring Chelmsford, West Chelmsford soon grew large enough to sustain its own . The Company will move its operations in Spring 1997 into a build-to-suit facility, which consists of a three story, 130,000 square foot corporate headquarters, and a one story, 100,000 square foot manufacturing facility. GenRad will lease the Concord facility from Hall Gillespie until the Company occupies its Westford site. James F. Lyons, GenRad's President and Chief Executive Officer, stated, "After forty years of history in our current facility, we look forward to the camaraderie ca·ma·ra·der·ie n. Goodwill and lighthearted rapport between or among friends; comradeship. [French, from camarade, comrade, from Old French, roommate; see comrade. and espirit de corp that a new building can bring to our employees. We are proud of our progress to date and look forward to the continuation of our strategic turnaround initiated in 1996." Walter Shephard, GenRad's Treasurer and Chief Manager of GenRad's move to Westford, commented, "We worked closely with Hall Gillespie to ensure a sale that would be beneficial to both parties. The finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of the sale of the Concord facility has produced substantial cash proceeds which will be put to work for the business. GenRad is looking forward to building relations within the Westford community." Westford Technology Park is the home of several high technology companies such as Cascade Communications Cascade Communications was a Westford, Massachusetts based manufacturer of communications equipment. Founding Cascade was founded by Desh Deshpande in 1990, and was led by CEO Dan Smith. Product Cascade made a compact Frame Relay system. , Lotus Development Corporation (company) Lotus Development Corporation - A software company who produced Lotus 1-2-3, the Symphony spreadsheet and Lotus Notes for the IBM PC. Disliked by the League for Programming Freedom on account of their lawsuits. Quarterly sales $224M, profits $10M (Aug 1994). , and Davox Corporation. The new facility will hold approximately 500 Massachusetts-based employees. GenRad Background GenRad, Inc. provides manufacturers and OEMs with hardware, software and services to optimize optimize - optimisation manufacturing and after-market service productivity through increased yields and lower life cycle costs. GenRad employs approximately 1,200 people worldwide, of which 35 percent are applications, software and hardware engineers. BY USING THE GENRAD INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. FAX-ON-DEMAND SERVICE, YOU CAN RECEIVE GENRAD'S MOST CURRENT SHAREHOLDER INFORMATION, PLEASE CALL 1-800-469-1261. Statements made in this press release which are not historical, including statements regarding product demonstration, product capabilities and markets are forward looking statements and as such are subject to a number of risks. Please see the Company's 1995 Annual Report and other reports filed pursuant to the Securities Exchange Act of 1934 for additional disclosure regarding such risk factors. CONTACT: GenRad, Inc. Donna L. LaVoie 508/287-7222 Phone 508/287-2002 Fax |
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