Taylor Corp. Says Former Standard Register Operations to Stay in Dayton

The city of Dayton just scored a major victory. Last week, Taylor Corp. made a deal with the city, Montgomery County, Dayton Development Coalition, JobsOhio and the Ohio Development Services Agency to keep Taylor Communications Inc., the former Standard Register Co. operation, at its current location in Dayton, Ohio.

The deal, which is contingent on the approval of financial incentives* from local governments, includes a 10-year property lease with CityWide Development Corporation. The city of Dayton will put $2.1 million toward street improvements around the facility, and plans to demolish up to 40 dilapidated structures through the Neighborhood Improvement Program.

“We are pleased to have reached an agreement with the city of Dayton where Taylor Communications has over 103 years of history,” Deb Taylor, CEO of Taylor Corp., said in the city of Dayton’s release. “Our continued partnership supports our mission of opportunity and security, for hundreds of employees.”

Under the new agreement, Taylor Communications has committed to keep a minimum of 500 jobs in Dayton. As reported in the release, the company recently increased employment to more than 600 employees. This news is seemingly optimistic, but as the Dayton Business Journal pointed out, Standard Register employed 765 people locally in 2015.

The city of Dayton’s win didn’t come without challenges. “… I can tell you we were competing against other states,” Ford Weber, Dayton economic development director, told WHIO. He declined to provide any additional information, but as the news outlet pointed out, Taylor Corp. is headquartered in North Mankato, Minn.

A major deciding factor in Taylor Corp.’s decision to continue operations in Dayton was CityWide Development Corporation’s ability to purchase the building, make substantial renovations and lease it back to Taylor Communications, according to the release.

“Taylor Communications’ continued commitment to Dayton is tremendous news for our city and the broader region,” said Dayton Mayor Nan Whaley. “Due to the collaborative work of our local economic development partners, we were able to craft a deal that will allow Taylor Communications to have a meaningful presence in Dayton. I look forward to continuing our close relationship with Taylor Corp. for decades to come.”

On March 12, 2015, Standard Register Co. filed for Chapter 11 bankruptcy-court protection, with a $275 million buyout offer from existing lender Silver Point Capital L.P. The story took several surprising turns, starting in June when a committee of unsecured creditors sued Silver Point Capital and certain Standard Register Co. executives. The 45-page lawsuit charged the defendants with 15 counts of fraudulent transfers stemming from Standard Register Co.’s acquisition of WorkflowOne in 2013. (U.S. Bankruptcy Judge Brendan L. Shannon dismissed the case in February.) Shannon approved Taylor Corp.’s $307 million purchase of Standard Register Co. and its assets in June, after the company swooped in with a last-minute bid during an auction.

*Financial assistance includes a $750,000 grant from the City of Dayton, along with a $500,000 Montgomery County ED/GE grant.