BlueLinx has completed the sale of two non-operating facilities in National City, Calif., and Ypsilanti, Mich., the company announced today in a press release. The aggregate net proceeds of the sale is approximately $15.8 million.
The sale of the two facilities is part of BlueLinx’s delevering strategy. So far, that strategy has provided the company with “$33 million in net proceeds from real estate sales,” according to the press release. The company currently has several additional facilities under contract with different buyers, which are “subject to satisfaction of customary closing conditions.” Should these sales go through, BlueLinx expects them “to generate additional net proceeds that will enable [the company] to reduce its debt further by the end of first quarter 2017.”
Last week, the company announced its fiscal 3Q 2016 earnings in which they recorded a $15 million net income. The company credited, in part, its delevering strategy with the success of its 3Q.
