Sale of Portland Manufacturing Facility

6 Months Ended

Jul. 02, 2022

Sale of Portland Manufacturing Facility

Sale of Portland Manufacturing Facility

(17) Sale of Portland, Maine Manufacturing Facility

During the third quarter of 2021, we entered into an agreement to sell our Portland, Maine manufacturing facility and 13.5 acre property. The sale closed during the first quarter of 2022. During the first quarter of 2022, we also sold certain equipment that had been used at the facility. We received sales proceeds for the property and the equipment of approximately $11.1 million in the aggregate and we recognized a gain on the sales of $7.1 million, which is recorded in “Gain on sales of assets” in the accompanying unaudited consolidated statements of operations. The positive impact during the first quarter of 2022 of the gain on sales was partially offset by approximately $2.2 million of expenses incurred during the first quarter of 2022 relating to the closure of the facility and the transfer of manufacturing operations.