USA: Galaxy ups 2003 sales forecast with initial order from Sumitomo Corp, Japan
Galaxy Nutritional Foods, a producer of plant-based dairy alternatives for the retail and foodservice markets, has announced that it received an initial order from Sumitomo Corporation, one of Japan's leading trading houses.
In response to this and the company's success at Food Ex Japan 2002 last week, Galaxy believes sales to this market will exceed its initial estimate of US$2m for fiscal year 2003. The Company currently believes sales will now be in excess of US$6m in the Japanese market in 2003.
At the show, Galaxy and Sumitomo worked in tandem to bring a new level of awareness to Galaxy's products in the Japanese market.
"[There was an] overwhelming conclusion at the Tokyo Expo from interested retailers and distributors [...] With leading partners such as Sumitomo, we are confident we can quickly penetrate the Japanese market," commented Angelo Morini, Galaxy's chairman and president.
"In addition, we continue to believe the opportunity in the Japanese market is substantial due to consumer demand for alternatives to dairy products that provide the benefits of phytonutrient rich (more nutritious) Veggie Brand Dairy Alternatives, including being lactose-free, saturated fat-free, cholesterol free, and significantly lower in calories."
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