FOR IMMEDIATE RELEASE
MALT-O-MEAL COMPANY FUELS ECONOMIC GROWTH; OPENS FIRST EASTERN PRODUCTION FACILITY
State-of-the-Art Plant Brings 133 New Jobs to North Carolina
ASHEBORO, N.C.—September 29, 2009—Minneapolis-based Malt-O-Meal Company, the nation’s largest family owned cereal manufacturer, announces the grand opening of its newest production facility in Asheboro, N.C., on Tuesday, Sept. 29. North Carolina Secretary of Commerce Keith Crisco will officially open the doors to the 350,000 square foot facility, which adds 133 new jobs to the community.
“We are pleased to have Malt-O-Meal as our new neighbor and major contributor to the local economy, bringing well-paying, clean manufacturing jobs to Randolph County and the city of Asheboro,” says Bonnie Renfro, President, Randolph County Economic Development Corporation. “We look forward to supporting Malt-O-Meal’s continued success and enjoying the many benefits its growth will bring to our community.”
The 33-acre facility represents an investment of $140 million, supporting a long-term growth strategy to strengthen Malt-O-Meal’s position as the national leader in high quality value-priced cereal. Today, the company is the one of the largest ready-to-eat cereal manufacturers, and is growing rapidly. Ten Malt-O-Meal ready-to-eat cereals rank among the top 50 best selling cereals in the U.S.
The Asheboro Malt-O-Meal facility houses state-of-the art cereal production equipment, and is producing two of the brand’s most popular ready-to-eat cereals, Malt-O-Meal ® Frosted Mini Spooners® and Malt-O-Meal® Frosted Flakes. The site offers room for additional lines as the company continues to grow. The Asheboro plant is Malt-O-Meal’s first production operation in the East.
“Our Asheboro plant is key to Malt-O-Meal’s plans for expansion in the Southeast and across the U.S.,” says Chris Neugent, President and CEO, Malt-O-Meal. “We are grateful to the residents and officials of the city of Asheboro and Randolph County, and to the state of North Carolina, for their support and warm welcome.” Malt-O-Meal received nearly $4 million in financial incentives from Randolph County and an additional $1.09 million from the state of North Carolina to build its new facility in the state. It also received a grant from the North Carolina Department of Transportation to help build a railroad spur to its production facility. Malt-O-Meal is expected to become a significant contributor to Randolph County’s tax base. At the grand opening, Malt-O-Meal will also announce its Million Bowls donation drive to benefit North Carolina food banks. For more information about this program, visit www.MillionBowls.com.
Malt-O-Meal brand cereals are enjoyed in more than 27 million households and are distributed through multiple channels including grocery, mass merchants, and convenience
stores, military commissaries, and commercial food service. At $6.5 billion in annual sales, cereal is the fourth largest grocery category. In the past twelve months, the company has experienced strong retail sales and has outpaced cereal industry growth trends. In North Carolina, Malt-O-Meal brand cereals are available at retail locations including Bi-Lo, Dollar General, Family Dollar, Galaxy, IGA, Ingles, Lowes Foods, MDI-supplied independent grocery stores, Nash Finch-supplied independent grocery stores, Piggly Wiggly,
Rite Aid, Super Target, and Wal-Mart.
Founded in 1919, Minneapolis-based Malt-O-Meal Company produces over 25 different ready-to-eat cereals, three varieties of Malt-O-Meal Hot Wheat cereal, and a full line of oatmeal products. In addition to the company’s production facilities in Minnesota, Utah, Iowa and now, North Carolina, Malt-O-Meal operates distribution centers in Minnesota, Missouri, Utah, Tennessee and Pennsylvania. For more information on the company, including where to buy Malt-O-Meal cereals and how to join Cereal Central (an online community featuring tips on how to save money), www.malt-o-meal.com, become a fan at: www.facebook.com/MaltOMealFanPage or follow us on Twitter at: www.twitter/MaltOMealCereal.