Quad Graphics plant in Mt. Morris purchased by California company, few details available
Little information was available this week on the recent sale of the now closed Quad Graphics in Mt. Morris.
Village Clerk Paula Diehl, who also serves on the Mt. Morris Economic Development Committee, said neither the village nor the committee has been notified of the sale.
According to property transfer documents filed with Ogle County Clerk & Recorder Rebecca Huntley, the entire plant property at 404 N. Wesley Ave., was purchased Feb. 21 by Mt. Morris Business Park LLC, Downey, Calif., for $375,000.
Diehl said she has no information about the company or its name.
"They haven't consulted us," she said.
The property transfer, filed March 14, lists World Color Mt. Morris LLC, as the seller of the plant. Quad Graphics, based in Sussex, Wis., purchased World Color Press Inc. for $1.3 billion in January of 2010.
Quad Graphics spokesman Claire Ho said Tuesday that the plant was purchased by New Mill Capital LLC, which according to its website, is based in Calabasas, Calif.
The website says the company buys "distressed or mismanaged" properties requiring "substantial renovation and/or leasing to become economically viable."
Greg Schain, a spokesman for the company, did not immediately return a phone call Tuesday afternoon.
One source said that as part of the sales agreement, Quad Graphics has a three-year lease of the plant, which it is currently using as a warehouse for printing equipment.
For decades the printing plant was the village's largest employer, at one time providing jobs for more than 2,000 people.
The business, originally called Kable Brothers Printing, was founded in 1898 by twin brothers Harvey and Harry Kable.
Quad Graphics Inc. ceased production at the plant on May 13, 2011 as a cost-cutting measure, ending 113 years of printing at that location.