Champion sells NC printing subsidiary - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Champion sells NC printing subsidiary

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    Monday, August 25 2014 4:00 PM EDT2014-08-25 20:00:48 GMT
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.

Huntington-based Champion Industries has sold its wholly owned subsidiary Blue Ridge Printing Co., headquartered in Asheville, N.C., for about $1 million.

The buyer was BRP Co. Among BRP's investors are current division manager Bruce Fowler and the son of Champion director Glenn W. Wilcox, who is a former president of Blue Ridge Printing. According to a document filed with the Securities and Exchange Commission on June 26, Champion's investment advisor conducted a nationwide marketing process for Blue Ridge Printing, but it yielded no comparable offers.

The sale price was $1,013,000, or $942,403 net of selling commissions and pro-rated taxes. The transaction is subject to a net liquidity adjustment to occur no later than 45 days from closing.