Target Corporation Has Agreed to Acquire X-Rite, Incorporated's Grandville, Michigan Site

GRANDVILLE, Mich.--Sept. 19, 2006--As part of the plan to relocate its headquarters to Kentwood, Michigan in 2007, X-Rite today announced it has reached an agreement to sell its Grandville, Michigan site to Target Corporation.

"This is the next logical step in our relocation plans," said Jeff Smolinski, X-Rite's Sr. Vice President of Operations. "We have been working on finding a qualified buyer that fits with the Grandville community, ever since we made the decision to move. X-Rite has received a great deal of interest on the site and we feel Target's proposal maximizes shareholder value, while being a Class A company with a very strong sense of community."

X-Rite plans on moving early in the first quarter 2007, when its new headquarters and manufacturing facility is finished with a renovation project.

"We have been looking at Grandville for quite some time. This is a great site and a great City. We look forward to joining the community," said Greg Tilsch, real estate manager, Target.

In 1986, with 175 employees and approximately $10 million in annual revenue, X-Rite moved into its current Grandville facility. Today, the company is the global leader in color management solutions and products, with annual revenues of $245 million and more than 20 offices worldwide employing approximately 1060 employees, of which 440 work in Michigan. City of Grandville Mayor James Buck commented, "It has been a pleasure watching X-Rite grow in Grandville. We are glad they will remain right here in West Michigan."

Smolinski added, "X-Rite is truly grateful for all the support the City of Grandville has provided in the past twenty years."

Final closing on the sale will be based on completion of the Buyer's inspection and due diligence process as well as the granting of governmental approvals related to the future planned usage of the property.

About X-Rite

X-Rite who recently acquired GretagMacbeth, is the global leader in color measurement solutions, offering hardware, software and services for the verification and communication of color data. The Company serves a range of industries, including imaging and media, industrial color and appearance, retail color matching and medical. X-Rite serves customers in more than 100 countries from its 21 offices in Europe, Asia and the Americas. Visit www.xrite.com for more information.