DallasNews Corporation announced the completion of the sale of its Plano, Texas printing facility for total proceeds of $43,500,000. This divestiture is a key milestone in the Company's strategy to streamline its printing operations. The Company plans to transition to a smaller, leased facility located in Carrollton, Texas.
A portion of the proceeds from this sale will be used to voluntarily and fully fund the Company’s pension liabilities. This action is expected to eliminate a significant long-standing obligation, which the Company views as debt, providing greater financial clarity.
Grant Moise, DallasNews Corp.'s Chief Executive Officer, stated that the financial outcome from the sale was pleasing and that fully funding the pension plan brings certainty regarding retirement benefits for over 1,300 current and former employees. The former facility will now be utilized by Denago EV as its Southern U.S. production and manufacturing base.
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