CFC International, Inc. Announces Tentative Agreement to Purchase Additional 58,000 Square Feet of Space From Chroma Corporation
06 Gennaio 2004 - 5:03PM
PR Newswire (US)
CFC International, Inc. Announces Tentative Agreement to Purchase
Additional 58,000 Square Feet of Space From Chroma Corporation
CHICAGO HEIGHTS, Ill., Jan. 6 /PRNewswire-FirstCall/ -- Worldwide
holographic and specialty coated film manufacturer, CFC
International, Inc. announced today that it has entered into a
tentative agreement with Chroma Corporation to purchase Chroma
Corporation's Chicago Heights land and building for $1.6 million.
The purchase agreement includes 58,000 square feet of office,
manufacturing and warehouse space located on approximately 5.77
acres at 385 East Joe Orr Road in Chicago Heights, Illinois. This
property borders CFC's Chicago Heights property to the west. This
transaction, which is subject to customary closing conditions, is
expected to be completed in early 2004. Under the agreement, CFC
will take occupancy at closing of 15,000 square feet of space which
it initially plans to use for additional storage and warehousing.
In July 2004, the Company will then take over an additional 15,000
square feet at this site. The Company plans to relocate a portion
of its finishing and inspection departments from its current
facilities at this time. The remainder of the space will be leased
to Chroma Corporation who will relocate their operation no later
than July 2005. "By acquiring this additional land and building,
CFC will be better able to leverage our manufacturing operations
moving forward," said Roger Hruby, CFC's Chairman and CEO. "This
acquisition represents an opportunity for CFC as we gear up to meet
anticipated higher volumes in several of our product offerings.
This space will allow us to seamlessly expand our production to our
customers who are located around the world. This also provides us
with approximately 80,000 square feet of green space between both
buildings for future expansion." In October 2003, the Company
announced that a leading competitor in printed products had
notified its customers that it would be exiting this market by the
end of this month. The Company expects to see a meaningful increase
in its printed products market share as a result of this
notification. Headquartered in Chicago Heights, Illinois, CFC
International is a market leader in the design, manufacture and
marketing of holographics and specialty functional coatings that
add value to a wide variety of industrial and consumer products.
The Company operates facilities in Chicago Heights and Countryside,
Illinois; London, England; and Goppingen, Germany. Statements made
in this press release, including those relating to expectations of
future sales, net income and operating costs reductions,
estimations of the market size for certain of the company's
products or the company's share of those markets and expectations
of increased sales attributable to various product lines, are
forward looking and are made pursuant to the safe harbor provisions
of the Securities Reform Act of 1995. Such statements involve risks
and uncertainties which may cause results to differ materially from
those set forth in those statements. Among other things, continued
unfavorable economic conditions may impact market growth trends or
otherwise impact the demand for the company's products and
services; competition from existing and new competitors and
producers of alternative products will impact the company's ability
to penetrate or expand its presence in new or growing markets;
uncertainties relating to the company's ability to develop and
distribute new proprietary products to respond to market needs in a
timely manner may impact the company's ability to exploit new or
growing markets; the company's ability to successfully identify and
implement productivity improvements and cost reduction initiatives
may impact profitability; and risks inherent in international
operations, including possible economic, political or monetary
instability, may impact the level and profitability of the
company's foreign sales. In addition to the factors set forth in
this release, the economic, competitive, governmental,
technological and other factors identified in the company's filings
with the Securities and Exchange Commission, could affect the
forward looking statements contained in this press release. We have
no obligation to revise or update these forward looking statements
to reflect events or circumstances that arise after the date of
this press release or to reflect the occurrence of anticipated
events. You may access additional information, including our
filings with the Securities and Exchange Commission and previous
press releases by visiting CFC International's Internet homepage at
http://www.cfcintl.com/ . DATASOURCE: CFC International, Inc.
CONTACT: Dennis Lakomy, Chief Financial Officer of CFC
International, Inc., +1-708-757-2803 Web site:
http://www.cfcintl.com/ Company News On-Call:
http://www.prnewswire.com/comp/110663.html
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