Schmitt Industries, Inc. Announces the Listing of a Portion of Real Estate Holdings
August 03 2016 - 4:05PM
Schmitt Industries, Inc. (NASDAQ:SMIT) (the “Company”) today
announced that it has listed for sale one of its parcels of
property located at 2765 NW Nicolai in Portland, Oregon.
“We have significant free and clear real estate holdings for a
company our size,” commented David M. Hudson, Chief Executive
Officer and President of Schmitt Industries. “The Company currently
owns and operates from multiple adjacent buildings in Portland,
Oregon. Given the demand and valuations that the Portland
commercial real estate market is experiencing, we believe it is an
appropriate time to explore the sale of some of these assets,”
Hudson concluded.
The proposed sale represents just over 10,000 square feet of
office and warehouse space, which is approximately 25% of the
Company’s total real estate holdings. As part of a sale, the
Company intends to lease back and continue to occupy some or all of
the listed property.
About Schmitt Industries
Schmitt Industries, Inc. designs, manufactures and sells high
precision test and measurement products for two main business
segments: the Balancer segment and the Measurement segment. For the
Balancer segment, the Company designs, manufactures and sells
computer-controlled vibration detection, balancing and process
control systems for the worldwide machine tool industry,
particularly for grinding machines. For the Measurement segment,
the Company designs, manufactures and sells laser and white light
sensors for distance, dimensional and area measurement for a wide
variety of commercial applications, laser-based microroughness
measurement products for the semiconductor wafer and hard disk
drive industries and for other industrial applications, laser-based
surface analysis and measurement products for a variety of
scientific applications, and ultrasonic measurement products that
measure the fill levels of tanks holding propane, diesel and other
tank-based liquids and transmit that data via satellite to a secure
web site for display. The Company also provides sales and service
for Europe and Asia through its wholly owned subsidiary, Schmitt
Europe Limited (SEL), located in Coventry, England and through its
sales representative office located in Shanghai, China.
CORPORATE OFFICE: 2765 NW NICOLAI ST.● PORTLAND, OREGON 97210
503/227-7908 ● FAX 503/223-1258
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