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Jul 27, 2010 12:00 AM
Freeport, OH-based Freeport Press has officially completed the order for a second Komori System 38s commercial heatset web press, which will be a sister press to the one installed in September 2008. The two presses will have the ability to run independently or in tandem, producing larger signatures. The press is manufactured in Japan and delivery is expected to begin in December 2010.
“Our intent is to double our volume over the next five years, which will provide a number of opportunities,” says David G. Pilcher, president and owner of Freeport Press.
The transaction totaled $6 million and includes money from the Ohio Department of Development and equity from PNC Bank through the state’s New Market Tax Credit. Also the Ohio Finance Fund was part of the loan and played a key role in bringing all parties together. Over the term of seven years the company expects to retain its 150-employee base and add 40 or more employees.
“We’re appreciative of the loan being made to Freeport Press in these very difficult economic times,” says Pilcher. “We’re grateful for the great progress we’ve made in spite of the economy.”
In 2009, the company posted its best year in new sales with more than $8 million in new annualized accounts signed up totaling more than 100 new customers. It will be focused on more than $10 million in new annualized accounts signing up in 2010.
Freeport Press is 130 years old this year. Its presses produce digest, magazine and tabloid publications, catalogs and direct-mail products for customers throughout the eastern half of the United States.