Reich Brothers Holdings has officially purchased the abandoned East Side Oscar Mayer headquarters and production facility, with hopes of redeveloping it for future manufacturing.
The deal between Reich Brothers and Kraft Heinz Co., which owned the building, closed Wednesday, Kraft Heinz spokesman Michael Mullen said.
Financial terms of the sale weren’t disclosed.
Reich Brothers said last week that it had agreed to buy the facility that at one time had employed 4,000.
You have free articles remaining.
Reich Brothers, which buys closed factories and sells their assets, has said that it wants to fill the 1.7 million-square-foot facility and eight-story office building on a 72-acre site with another manufacturer.
“This property is an integral part of Madison’s history, as well as the history of food manufacturing in the United States,” Reich Brothers co-CEO Adam Reich said in a statement released by Kraft Heinz. “We understand the importance of the facility and the impact that its closing has had on the area. We look forward to repositioning it for future use.”
Reich has estimated redevelopment costs at $20 million.
The facility at 910 Mayer Ave. closed in June after producing hot dogs and lunch meats for Oscar Mayer since 1919. It had been the company’s headquarters since 2016.
Kraft Heinz, Oscar Mayer’s parent company, closed the plant as part of a corporate restructuring announced when the Kraft Foods Group merged with H.J. Heinz Co. in 2015.