SOURCE: Ready Pac

August 04, 2005 14:26 ET

Ready Pac Secures Financing for Plant Improvements

Moving Forward in the Development of Premier Manufacturing Footprint in the Industry

IRWINDALE, CA -- (MARKET WIRE) -- August 4, 2005 -- Ready Pac announced today that it has secured financing to upgrade and expand production capacity across its manufacturing network in the United States.

The company has received $25 million in financing through a prominent investment bank to upgrade and expand production capacity at its four large and strategically dispersed plants that are at the heart of Ready Pac's operations. As previously announced in the plant consolidation plan this May, each of these plants were slated for upgrading to add production capacity to better serve current and future market demand and improve the company's ability to provide overnight delivery to the majority of the North American market. The four plants are located in Irwindale, Calif. (along with the corporate headquarters); Florence, N.J.; Plymouth, Ind.; and Jackson, Ga. Importantly, each plant will be capable of responding to marketplace changes and serving both retail and foodservice customers with Ready Pac's award-winning, innovative fresh-cut salads, fruit, complete meal salad bowls, and convenience vegetable products.

Larry Kern, Ready Pac President and CEO, stated, "This financing allows us to achieve our vision more rapidly and deliver the quality, innovation, and service levels required by our customers and consumers. The plant upgrades, along with our recent executive additions, will solidify our strategy of profitable growth across all our categories."

California-based Ready Pac is a premier processor of fresh-cut produce. With processing facilities across the United States, Ready Pac's award-winning salads, fresh-cut fruit and vegetables are distributed in supermarkets and restaurant chains across North America. For more information, visit www.readypac.com.

Contact Information

  • Media Contact:
    Anamaria Bearden
    Magnus & Co., Inc.
    626.744.0711
    Email Contact

    Steve Dickstein
    V.P. Marketing
    Ready Pac, Inc.
    1-800-800-4088 ext. 831