Oct. 5, 2004: Clarification, Production
Update Issued by New York Chocolate & Confections Company
FULTON, NY--In an effort
to clarify its corporate structure and provide a production status
update, New York Chocolate & Confections Company issued the
following statements:
Company Structure
New York Chocolate & Confections Company
(NY3C) is neither a parent company nor a subsidiary of any other
company and is comprised of two shareholders:
- Fonds de Regulation Café Cacao
(translated as Coffee-Cocoa Regulation Fund) (FRC) is an Ivory
Coast company specializing in the trade of cocoa and coffee. The
FRC is the majority shareholder of NY3C with an 80 percent interest.
- Lion Capital Management Group (LCM), a
San Francisco-based investment group, has a 20 percent interest
in NY3C.
Last July, NY3C purchased all assets of The
Fulton Chocolate Company making NY3C the sole owner and operator
of the plant. The Fulton Chocolate Company planned to lease approximately
250,000 square feet of the plant to produce low-carbohydrate and
private label candy bars. NY3C intends to study the feasibility
of manufacturing a low-carb candy bar.
Current Status of Plant
At present, the plant has been sanitized
and registered by the FDA, and all existing equipment has been rehabilitated
and returned to working order. Equipment calibration tests have
been conducted to determine a feasible product line and more are
underway to develop a readily marketable portfolio for the first
months of production. Following the last phase of testing to take
place at the end of November, NY3C will begin a proposed production
of chocolate bars, nibs, cocoa butter and morsels.
Production
Although more equipment is scheduled to arrive
at the plant in December, production is set to kick off before the
end of November, or as soon as the first shipment of cocoa beans
arrive from Ivory Coast. The additional equipment will merely increase
the plant’s production capacity.
NY3C recently accepted a U.S. Department
of Housing and Urban Development loan facilitated by the County
of Oswego and Operation Oswego County to purchase four more refiners
to supplement those already functional at the plant.
“This loan epitomizes the spirit of
cooperation that exists between NY3C and Oswego County,” said
Jean-Claude Amon, president and CEO of NY3C.
Employment Status
NY3C currently has 55 full-time employees
and plans on adding 30 more at the start of production. The number
is expected to grow as the company enters into the full-fledged
production stage.
Fulton Co-generation Facility
NY3C does not own or operate the Fulton Co-generation
facility adjacent to the chocolate plant. The facility was recently
purchased and will be operated by NY3C shareholder Lion Capital
Management Group. During Nestlé’s occupancy of the
plant, the co-generation facility was owned and operated by El Paso
Power of Huston, TX from whom Nestle purchased steam. Similarly,
NY3C intends to continue purchasing its steam from the LCM-owned
facility as long as pricing remains competitive.
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