Wolf Administration Assists Confectionery Manufacturer Expansion to Lehigh Valley, Supporting 134 New Jobs

first_img Jobs That Pay,  Press Release,  Workforce Development Harrisburg, PA – Today, Governor Tom Wolf announced that Stuffed Puffs, a food processer, will grow its manufacturing operations with its expansion to a 150,000-square-foot building in Hanover Township, Northampton County. The project will support the creation of 134 new, full-time jobs in the commonwealth.“Food processing is one of Pennsylvania’s most robust and vibrant industries, supporting thousands of jobs and generating more than $5 billion in sales annually,” said Gov. Wolf. “It is only fitting that a new, innovative food company would make the commonwealth its new home, and we are proud to make the investment that will turn that plan into reality.”The company will be located at the former Guardian Life property owned by JG Petrucci to manufacture chocolate stuffed marshmallows and plans to make significant improvements to the property. Stuffed Puffs will begin manufacturing operations in May 2020 and has committed to investing $31.5 million in capital funding toward the project and creating 134 jobs within three years.“The idea was born around a campfire,” said Michael Tierney, founder of Stuffed Puffs, who graduated from the Culinary Institute of America in Hyde Park, NY in 2010. “It’s a simple idea, but very hard to execute, which is why it hasn’t been done before. I spent seven years figuring out a truly innovative system that breaks the rules of traditional candy making – our new plant will help this amazing product continue to grow and support our company and community.”Stuffed Puffs received a funding proposal from the Department of Community and Economic Development for a $670,000 Pennsylvania First grant, $268,000 in Job Creation Tax Credits, and $140,400 in grants for workforce training and development. The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania.“The decision of Stuffed Puffs to expand its production operations to the Lehigh Valley is an example of the region becoming a national leader in food and beverage innovation and production,” said Don Cunningham, President & CEO of the Lehigh Valley Economic Development Corporation (LVEDC). “Since coming to Factory to accelerate its growth, Stuffed Puffs has realized the advantages of making its product in the Lehigh Valley and Pennsylvania with the available talent, educational institutions, and access to market. The combined efforts of the state, Northampton County and the City of Bethlehem, and the benefit of Factory LLC being here, is a best practice example of how to grow U.S. manufacturing.”Stuffed Puffs is a confectionery manufacturer that uses a custom designed and highly secretive manufacturing process to make a chocolate-filled marshmallow. The company also has the ability to make multiple shapes and flavors of marshmallows with various fillings. Stuffed Puffs initially launched its product exclusively at Walmart stores and will be expanding to other retailers in 2020.“Stuffed Puffs is the easy new way to make a good old-fashioned American favorite S’mores, even better and it’s delicious also to eat right out of the bag,” said Richard Thompson, Managing Partner at Factory LLC the parent company of Stuffed Puffs. “At Factory LLC we seek innovation and we know Stuffed Puffs is a big winner and the new plant will support our continued growth, because we can’t make it fast enough.”For more information about the Governor’s Action Team or DCED, visit dced.pa.gov. November 12, 2019 Wolf Administration Assists Confectionery Manufacturer Expansion to Lehigh Valley, Supporting 134 New Jobscenter_img SHARE Email Facebook Twitterlast_img read more

Kindred Q1 growth hit by exceptional charges

first_img Submit Kindred Group has this morning published its Q1 2020 trading update stating that its business model has shown its ‘resilience against COVID-19’s exceptional circumstances’.The Stockholm-listed operator recorded a strong opening to 2020 trading, with group revenues ‘returning to double digit growth’ with the group reporting a 11% increase to £250m (Q12019: £224m).During Q1, Kindred detailed that all core markets were tracking above ‘positive expectations’, attributed to a strong take-up of its sportsbook products (trading with higher operating margins) up until COVID-19’s mid-March sports postponements.Kindred maintained an improved EBITDA of £32.5m (Q12019: £30m) despite reporting a number of ‘items affecting comparability’, with the group choosing to absorb specific charges related to ‘disputed regulatory sanctions’ (£8m) and ‘accelerated amortisation costs attached to acquired assets’ (£10m) during period trading.Despite reporting improved top-line results, accounting for significant exceptional charges Kindred declared Q1 2020 operating profits of £7.3m (Q12019: £15m).“As part of the previously communicated plans to review the Group’s cost base, we have recognised a charge of GBP 1.9 million in the first quarter of 2020 in connection with restructuring costs,” said Henrik Tjärnström, Kindred Group CEO.He added: “We have additionally decided to rationalise the Group’s brand portfolio and have announced the pending closure of several smaller brands. This, together with a wider review of acquired intangibles, has triggered a noncash charge of GBP 10.8 million in the first quarter.”Closing Q1 trading, Kindred’s attention has fully shifted to mitigating COVID-19 disruptions across its group operations. This March, Kindred governance sanctioned a number of cost controls and capital liquidity protections to safeguard the firm during lockdown.Tjärnström continued: “We have seen positive growth in other products and we have acted quickly to adapt our marketing and other investments and to maintain an even tighter control over all operating costs. If we see any further deterioration in the business, we will not hesitate to make further adjustments.“As a pure digital company, we are well prepared and ready to take the opportunities that will come when markets start to normalise. I am very confident that Kindred’s well-diversified and financially sound business model will enable us to emerge stronger over the coming quarters.” Share StumbleUpon Unibet backs #GoRacingGreen as lead racing charity  July 28, 2020 Mace launches EQ Connect to solve the industry’s ‘single view’ conundrum on identifying risk  August 10, 2020 Related Articles Share Kindred marks fastest route to ‘normal trading’ as it delivers H1 growth July 24, 2020last_img read more