Tasty Baking is to relocate its Philadelphia operations to leased facilities, which will be home to a newly constructed bakery and a “green” corporate headquarters.
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The US company will spend US$75m on the new HQ, to be based at The Navy Yard.
The company also unveiled first-quarter net sales of $44.3m, a 3.3% increase on the year. However, net income fell slightly to $0.9m compared to $1.0m in the first quarter of 2006.
David S. Marberger, executive vice president and CFO, said he was “encouraged” by the results but admitted costs had weighed on the business.
Marberger said: “Despite the growth in volume and sales, industry-wide commodity cost increases kept the company from realizing even greater returns on the bottom line. We are committed to mitigating the impact of commodity cost increases by leveraging our fixed cost base and continuing to execute cost reduction programs.”
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By GlobalDataThe plan to relocate the Philadelphia operations is the result of an operational review of strategic manufacturing options, which was announced a year ago. The company produces the vast majority of its products at a six-story manufacturing facility that was built in 1922 and utilises 15 production lines.
