Represents Third Production Plant Outside of China, As Company Accelerates International Expansion
Wenling, China and Allentown, PA /PRNewswire/ - Fuling Global Inc. (NASDAQ: FORK) ("Fuling Global" or the "Company"), a manufacturer and distributor of environmentally friendly plastic and paper foodservice disposable products, today announced that its newest manufacturing facility, based in Semarang City, Central Java, Indonesia, has officially opened and launched production of straws, sauce cups, take-out boxes and paper cups. The new facility is the Company's third manufacturing plant outside of China.
Fuling Global established its first manufacturing facility outside of China in 2014, in Allentown, Pennsylvania, which serves as the company's U.S. headquarters. Last year, Fuling Global opened its second manufacturing facility in Monterrey, Mexico.
"Completion of our factory in Indonesia represents an important milestone in Fuling Global's strategy to become a global supplier of foodservice disposable products, offering innovative research and development and high-quality products, with international sourcing capability," said Mr. Xinfu Hu, CEO of Fuling Global Inc. "It is also by far our largest production plant outside of China and will enable us to provide our international clients with a comprehensive line of products."
The new Indonesia manufacturing facility spans nearly 194,000 square-feet. The Company expects to install 64 production lines of manufacturing equipment in two phases during 2020, including 20 straw production lines; 12 cup lid and packing box production lines; eight sauce cup production lines; and 24 paper cup production lines. Later this year, the Company plans to increase production to include paper bags. When both phases are done and fully operational, the Company expects to have approximately 500 employees at this facility and achieve annual production scale of approximately US$60 million, assuming sufficient customer orders.
About Fuling Global Inc.
Fuling Global Inc. manufactures and distributes environmentally-friendly disposable serviceware for the foodservice industry, with six precision manufacturing facilities in the U.S., Mexico, Indonesia and China. The Company's plastic and paper serviceware products include disposable cutlery, drinking straws, cups, plates and other plastic and paper products and are used by more than one hundred customers, including some of the world's most notable quick-service restaurants and retailers, primarily in the U.S. and European countries. More information about the Company can be found at: http://ir.fulingglobal.com/.
This press release contains information about Fuling Global's view of its future expectations, plans and prospects that constitute forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Actual results, including, but not limited to, completing the installation of manufacturing equipment and achieving annual sales at a rate of US $60 million, may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of software and services, marketing and other business development initiatives, competition in the industry, plastic and oil pricing, general government regulation, economic conditions, the effect of novel coronavirus and other health matters on target markets, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Fuling Global encourages you to review other factors that may affect its future results in Fuling Global's annual report and in its other filings with the Securities and Exchange Commission. Fuling Global disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.