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Correction: Lexmark Advises Tonernews.com That Ninestar Never Got Any Financial Part of Asset Sale.

Toner News Mobile › Forums › Toner News Main Forums › Correction: Lexmark Advises Tonernews.com That Ninestar Never Got Any Financial Part of Asset Sale.

Tonernews.com, March 17, 2024. USA
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    jim
    Keymaster

    Correction: Lexmark Advises Tonernews.com
    That Ninestar Never Got Any Financial Part of Asset Sale.
    In the dynamic realm of the printing industry, we received a correction from Lexmark regarding our March 12th article about the sale of its U.S. and Philippines assets. The error was attributed to a mistranslation from the original Chinese document. It has been clarified to us that Lexmark is the direct seller of the properties, and consequently, the proceeds from the sale will benefit Lexmark exclusively, not Ninestar.

    This deal, valued at $126.948 million (€116,499 million), sees Lexmark leasing back the properties, with an annual rent increase of 3% upon lease renewal. This arrangement secures Lexmark a steady operational base while freeing up significant capital.

    The second transaction, still in the negotiation phase, targets properties in Cebu Business Park, Philippines. Expected not to exceed $80 million (€73 million). The specifics of the leaseback amount remain to be determined. The counterparty for the Kentucky transaction is Lexington Campus SLB LLC, backed by Sculptor Capital Management, a substantial asset investment firm.

    This move appears to be a strategic distancing by Lexmark from its Chinese affiliate, Ninestar. While the reasons for this separation can only be speculated upon, it raises questions about a potential future partnership with Xerox or whether Lexmark is seeking to independently navigate its future course. These developments signal a pivotal period for the printing industry, presenting an opportunity for key players to secure their market position and build a sustainable path forward.


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    March 17, 2024 at 2:52 PM
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