Pennexx Foods, a leading provider of case-ready meat to retailers in the northeast US, has announced its move to a new 145,000ft² facility located on Tabor Avenue in Philadelphia.
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Michael Queen, president and CEO: “Our move to the new facility is a major milestone for the company. When operational, the new plant will substantially increase our production capabilities and accommodate the increasing demand for Pennexx’s case-ready business.
“Furthermore, we hope to use the new facility to ramp up our production of higher margin, value-added product lines, so that we can optimize our opportunities and achieve additional growth.”
Queen added: “After having increased volume from the Q4 of 2001, when we achieved revenue of US$11.4m, we reached full capacity at our 40,000ft² Pottstown facility in the Q1 of 2002.
“Although the new plant is nearly four times as large as our Pottstown facility, we expect to achieve higher revenues per square foot of production space in Philadelphia through improved automation and product mix.
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By GlobalData“If we achieve these goals, we expect to end 2002 with a significantly increased annualized rate of revenue as we enter 2003.”
