Challenge

Konica Minolta’s Whitsett, North Carolina operation manufactured photographic paper. The photographic paper business was declining due to the increased use of digital and cell phone cameras. Therefore, there was not enough demand to justify keeping theirWhitsett facility open. Don Moss and his colleagues were appointed the sale of the 381,141 square foot facility sitting on 84 acres, as well as all of the equipment, which was still intact. Selling both together was preferable. Don Moss and his colleagues was given only 6 months to broker the sale, before Konica would auction the equipment and only use Don Moss and his colleagues to sell the real estate.

Strategy

Don Moss and his colleagues, as with all projects, aggressively marketed the building with a targeted approach, and worked closely with the owners, community, and state economic development agencies. Through market knowledge and insight, Don Moss and his colleagues identified Zink Imaging Inc., an American company comprised of former Polaroid staff which had developed a new form of photographic paper that requires no ink that had a high probability of compatibility with Konica’s building and equipment.

Services

The team hosted several plant tours and facilitated discussions between Zink and Konica’s engineers to ensure that the facility would successfully meet Zink’s needs. After determining that the facility would meet Zink’s needs after examining location, incentives, and running performance tests of Konica’s equipment, Don Moss and his colleagues facilitated negotiations with Konica and Zink and brought in both state and local officials to discuss economic development incentives.

Results

In the end, Zink purchased both the building and equipment it needed. They were able to continue on with Konica’s contract with Hewlett-Packard, and the majority of Konica’s employees were able to keep their jobs with the new company. In record time, and against a difficult deadline, Don Moss and his colleagues of national and regional agents succeeded in completing the sale.