VANCOUVER, BC, July 6, 2021 /CNW/ - good natured Products Inc.
(the "Company" or "good natured®") (TSXV:
GDNP), a North American leader in earth-friendly plant-based
products, today announced it has expanded its manufacturing
capabilities at its IPF Facility (formerly Integrated Packaging
Films).
In line with plans announced in December
2020 and in connection with the acquisition of Integrated
Packaging Films, good natured® has invested to
expand the facility's annual production capacity by 50%, to 33 to
35 million pounds annually. This expanded capacity positions
good natured® to strategically capitalize on
rapidly growing interest in compostable and renewable packaging
options being driven in part by government and industry lead
initiatives in both the United
States and Canada. In
particular, the additional capacity will play an integral role in
meeting the demand for the recently launched microwavable to-go
containers.
The expansion follows on good
natured®'s recent acquisition of Ex-Tech
Plastics which further enhances the Company's access to
post-industrial recycled content. This serves customers who have
minimum levels of recycled content or responsibly sourced bio-based
content in their sustainable packaging mandates, a recently set out
requirement in the US Plastics Pact Roadmap to 2025.
Details of the IPF capacity expansion to support future growth
initiatives are as follows:
- The upgrade program for one of IPF's four extrusion lines
("Line 3") has been completed, adding approximately 4 million
pounds of new production capacity.
- The Company has entered into a purchased agreement for a
high-speed extruder which is expected to be installed in
August 2021 and be operational in the
fourth quarter of 2021. The new high-speed production line has an
output of 1,800 to 2,000 pounds per hour versus the existing
production line output of 800 pounds per hour, more than doubling
the production output per hour with similar operational costs
levels. The new line will replace the existing Line 4 and add
approximately 9 million pounds of net new production
capacity.
- The two expansions will increase production capacity at the IPF
facility to 33 – 35 million pounds annually.
"I want to congratulate the team at our IPF Facility for
developing and initiating a 50% production capacity increase within
our existing manufacturing footprint," stated Paul Antoniadis, CEO
of good natured®. "The new high-speed extruder is
over two times more efficient than our existing standard equipment
and will strengthen our customer experience with shorter onboarding
and production lead times. The addition of high-speed extrusion
technology and capacity increase improves our supply chain
economics and positions the Company well for significant organic
growth potential going forward."
The good natured® corporate profile can be
found at: investor.goodnaturedproducts.com
About good natured Products Inc.
good
natured® is passionately pursuing its goal of
becoming North America's leading
earth-friendly product company by offering the broadest assortment
of eco-friendly options made from plants instead of petroleum.
We're all about making it easy and affordable for business owners
and consumers to switch to better everyday products® made
from renewable materials and free from chemicals of concern.
Part of the sustainable consumer goods market, good
natured® offers over 400 products and services
through wholesale and retail channels, including our own e-commerce
stores. From plant-based home organization products to compostable
food containers, bioplastic industrial supplies and medical
packaging, we're focused on delivering a great customer experience
to make more plant-based products readily accessible to more people
as the path to deliver meaningful environmental and social
impact.
For more information: goodnaturedproducts.com
On behalf of the Company:
Paul Antoniadis – Executive Chair & CEO
Contact: 1-604-566-8466
Investor Contact:
Spencer Churchill
Investor Relations
1-877-286-0617 ext. 113
invest@goodnaturedproducts.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibilities for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward-Looking
Information
Information regarding preliminary revenue results contained
in this press release may constitute forward-looking information
within the meaning of securities laws. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statement.
When relying on the Company's forward-looking statements and
information to make decisions, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. The Company has assumed that the material
factors referred to herein will not cause such forward-looking
statements and information to differ materially from actual results
or events. However, there can be no assurance that such assumptions
will reflect the actual outcome of such items or factors.
Other than as required under securities laws, we do not
undertake to update this information at any particular
time.
Forward-looking information contained in this news release is
based on our current estimates, expectations and projections, which
we believe are reasonable as of the current date. The reader should
not place undue importance on forward-looking information and
should not rely upon this information as of any other date.
All forward-looking information contained in this news release is
expressly qualified in its entirety by this cautionary
statement.
SOURCE Good Natured Products