Local business leader Davis-Standard, LLC (www.davis-standard.com) has entered into a long-term lease agreement for the sale and lease-back of its facilities in Pawcatuck, Conn. and Fulton, N.Y. Under terms of the agreement with Spirit Realty Capital, Davis-Standard will retain control of both facilities through 2056. There will be no impact on employees or day-to-day operations.
“We are proactive in seeking ways to leverage market growth while maintaining our leading position in the extrusion and converting industries,” said Jim Murphy, Davis-Standard President and CEO. “The current real estate climate offers an opportunity to take advantage of a favorable market valuation to further invest in the business. This transaction will increase our financial flexibility by unlocking value in our facilities. We have explored this opportunity for some time, and after thorough review, are pleased to be working with partner Spirit Realty Capital.”
Murphy added, “Our ability to gain market share and also support a global customer base is dependent on a business model that balances long-term viability with fiscal responsibility. This agreement does just that while reinforcing our commitment to employees and the economic health of the Pawcatuck and Fulton communities.”
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