The Rochester-based firm was acquired just three years ago when St Ives expanded its North American business with the 50m purchase of Avanti Press and Case-Hoyt Corporation.
On 29 January St Ives announced that it would be issuing notice under the USA WARN Act of its intention to close the facility, which employs just under 300 staff.
The group cited the continuing difficult market conditions in almost all our markets as the reason for the decision, and said that it had been in negotiations with the Case-Hoyt workforce with a view to establishing a cost structure which is sustainable in the current market conditions.
Regrettably this has not proved possible and accordingly the facility will close not later than early April 2004, a spokesman said.
Established in 1919, web and sheetfed printer Case-Hoyt made a loss of $3.3m on sales of around $36m last financial year.
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"I'm sure this will go down well with print supply chain vendors. What terms is it that ADM are after - 180 days is it?"
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Unencumbered assets that weren't on the Reflections books, I believe.
Best regards,
Jo"
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