Zhongpin Begins Construction on Prepared Meat Facility
12 Marzo 2008 - 2:11PM
PR Newswire (US)
CHANGGE, Henan, China, March 12 /Xinhua-PRNewswire-FirstCall/ --
Zhongpin Inc. (NASDAQ:HOGS) ("Zhongpin"), a leading meat and food
processing company in the People's Republic of China ("PRC"), today
announced that it has begun construction on its prepared meat
facility at Zhongpin's Industrial Park located in Changge City,
Henan Province. The new facility will add 28,800 metric tons in
annual capacity of prepared meat for a 114% increase over
Zhongpin's current capacity of 25,200 metric tons, bringing total
capacity of prepared meats to 54,000 metric tons. The facility is
expected to cost $13.2 million and will be equipped with the most
advanced, automated, state-of-the-art equipment from top-tier
equipment manufacturers in Germany, the U.S and Japan. It is
designed to process high- value-added prepared meat products, such
as a variety of popular sausages, meatballs and hams that appeal to
the evolving tastes of Chinese middle-class consumers. The facility
expands Zhongpin's product lines by optimizing product mix, and
increasing the percentage of Zhongpin's higher-margin products and
is expected to begin production in September 2008. Zhongpin is
ahead of schedule in the construction of its western Henan Province
facility (Luoyang) which is now expected to begin operations by the
end of second quarter of 2008. Zhongpin's eastern Henan Province
facility (Shangqiu) also is expected to begin operations in the
third quarter of 2008. The new western and eastern facilities will
add 70,000 metric tons and 80,000 metric tons annual capacity,
respectively, of annual capacity of chilled and frozen pork. Once
these facilities are completed, Zhongpin will have total capacity
of 509,000 metric tons of chilled and frozen pork. Zhongpin also
continues to benefit from the local government support of the
industrialization of meat production in China and recently received
a tax refund of RMB 2.3 million (approximately $323,944) for tax
paid in 2007. "Demand for pork processed in modern hygienic
processing facilities remains strong as consumers are increasingly
purchasing their pork from supermarkets, hypermarkets and retail
outlets rather than the traditional wet markets," commented by Mr.
Xianfu Zhu, Chairman of Board and CEO of Zhongpin. "During 2008 we
foresee that consumer demand for high-quality, fresh and hygienic
pork products will continue to be very strong, supporting
Zhongpin's rapid expansion plan. In addition to expanding our
capacity, we have taken steps to secure an ample supply of hogs and
continue to develop our brand recognition as we penetrate new
markets. Moreover, the snowstorms in January and February in
partial regions of southern China had very limited impact on our
operations as our facilities and key markets are not located in
those regions." About Zhongpin Zhongpin is a meat and food
processing company that specializes in pork and pork products, and
fruits and vegetables, in the PRC. Its distribution network in the
PRC spans more than 20 provinces and includes over 2,900 retail
outlets. Zhongpin's export markets include the European Union,
Eastern Europe, Russia, Hong Kong, Japan and South Korea. For more
information, contact CCG Elite directly or go to Zhongpin's website
at http://www.zpfood.com/ . Safe Harbor Under the Private
Securities Litigation Reform Act of 1995: Certain statements in
this press release constitute forward-looking statements within the
meaning of Federal securities laws. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements are based upon the current beliefs and expectations of
the company's management and are subject to risks and
uncertainties, which could cause actual results to differ from the
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: unanticipated changes in product
demand, interruptions in the supply of live pigs/raw pork,
downturns in the Chinese economy, delivery delays, freezer facility
malfunctions, poor performance of the retail distribution network,
changes in applicable regulations, and other information detailed
from time to time in the company's filings and future filings with
the United States Securities and Exchange Commission. For more
information, please contact: Crocker Coulson, President Leslie
Richardson, Financial Writer CCG Elite Tel: +1-646-213-1915 Email:
Yuanmei Ma, Chief Financial Officer Zhongpin Inc. Tel:
+86-10-82861788 DATASOURCE: Zhongpin Inc. CONTACT: Crocker Coulson,
President, or Leslie Richardson, Financial Writer, both of CCG
Elite, +1-646-213-1915, or , or Yuanmei Ma, Chief Financial
Officer, Zhongpin Inc., +86-10-82861788 Web site:
http://www.zpfood.com/
Copyright
Grafico Azioni Zhongpin Inc. (MM) (NASDAQ:HOGS)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Zhongpin Inc. (MM) (NASDAQ:HOGS)
Storico
Da Lug 2023 a Lug 2024