Last edited Oct. 18, 2010, at 9:47 a.m.
In Solo Cup Co.'s Securities and Exchange Commission 10-Q filed Aug. 9, the company announced it has agreed to sell its Springfield manufacturing facility at 1100 N. Glenstone Ave. to Springfield-based Warren Davis Properties LLC for $7.9 million.
The sale is "subject to satisfactory completion of a due diligence investigation by the purchaser and other customary conditions," according to the SEC filing.
Patrick Harrington of Warren Davis Properties said the deal will likely close in 45 to 60 days pending the due diligence investigation.
He said Davis Properties intends to keep the 940,000-square-foot building in the manufacturing realm by leasing or selling it to another manufacturer.
Lake Forest, Ill.-based Solo Cup will lease back the property for up to one year, allowing the facility to stay in operation until its closing date, which is expected to occur in mid-to-late 2011.
The company announced in early June that it would be closing its facilities in Springfield, North Andover, Mass., and Owings Mill, Md. The company will cut 340 full-time manufacturing jobs when it closes the Springfield location, according to Springfield Business Journal coverage