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RED WING, MN-After reporting $10 million in higher-than-planned diploma production and delivery costs in connection with the relocation of Jostens' diploma operations out of its Red Wing manufacturing facility, the company has solidified the sale of the building in hopes of offsetting the loss. Bloomington-based Jostens Inc., a provider of school-related affinity products and services, sold the 132,000-sf printing facility to locally based manufacturer of industrial safety devices DB Industries for an undisclosed amount.

"During the second quarter, Visant experienced significant, but specific, production challenges and costs, particularly in addressing the Jostens diploma-manufacturing requirements," said Marc Reisch, chairman, president and CEO of Visant, Jostens parent corporation, during the company's Q2 earnings call in early August. "We have initiated numerous corrective actions to improve our diploma operations, which represent less than 3% of Visant's consolidated net sales."

Colliers Turley Martin Tucker's Jeff Patterson, director of corporate real estate services, and Christopher Pendroy, senior brokerage associate, led Jostens search for a buyer. Patterson says the property, located on 14 acres, attracted a wide-variety of buyers, including not only manufacturing companies, but also redevelopment investors locally and nationally. "Working with the client, we determined a very competitive price, which resulted in a timely sale," Patterson says.