Printpack Inc.'s former flexible packaging, printing and tamper-evident label manufacturing plant in Fredericksburg, Va., has been sold by the company.
A joint venture of New Mill Capital Holdings and Tiger Capital Group acquired the plant and equipment this month. The price was not disclosed.
An auction of the equipment is scheduled for early May.
“We are excited about this purchase,” said Eric Weiler, principal of New Mill Capital Holdings, in a statement.
“The capability and quality of the manufacturing lines and support equipment available in Fredericksburg will make this auction sale a highly attractive event for potential buyers in the flexible packaging vertical. In addition to the equipment, the building has been very well maintained and the versatile layout can easily fit a variety of industrial uses going forward,” he continued.
The 91,000 square foot plant is on 8.8 acres.
The New Mill/Tiger joint venture acquires and sells industrial plants, according to Jeff Tanenbaum, president of Tiger Capital Group's remarketing services division.
The Printpack site employed 150 and opened in 1981. The company announced plans to close the site in June, and transferred production to other Printpack locations.
New Mill Capital Holdings, of New York, calls itself an asset disposition firm that buys and sells excess corporate assets. Tiger Capital Group, also of New York, said it provides asset valuation, advisory and disposition services.
Atlanta-based Printpack is the seventh largest plastics film & sheet manufacturer in North America, according to Plastics News' most recent ranking.