CHARLOTTE, N.C., Oct. 21, 2013 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today announced that it was awarded a contract in late Q3 worth approximately $26 million from Lotte Co., Ltd., a Japan-based multinational conglomerate, to help the company expand its main dairy processing plant dedicated to producing the company's line of highly popular ice cream products.
Founded in 1948 and based in Tokyo, Lotte is a multinational food and shopping corporation active in Japan and South Korea. The company began producing ice cream and other confectionery products in 1948 and formally founded Lotte Ice Cream Co., Ltd. in 1972.
Today, Lotte is one of Japan's largest manufacturers of ice cream products and operates a main dairy processing facility located approximately 70 miles outside Tokyo. Plans call for Lotte's newly expanded facility to feature full-line dairy processing systems designed and installed by SPX. These lines will utilize SPX's APV and Waukesha Cherry-Burrell brand dairy processing equipment and technologies.
"SPX has enjoyed a strong working relationship with Lotte over more than 30 years, and this ice cream production facility expansion project promises to build on that legacy," said Marc Michael, president of SPX Flow Food & Beverage. "By working closely with Lotte to expand the production capacity of their main ice cream processing facility, we are confident we can help them benefit from greater production capacity and economies of scale. As a result, we anticipate this new facility will better position Lotte to meet future demand for its ice cream products across Japan."Work on the Lotte ice cream plant expansion is anticipated to begin in early 2014, and the increased capacity is expected to be fully operational sometime in 2015.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV