ALLENTOWN, Pa., June 5, 2017 /PRNewswire/ -- Fuling Global Inc. (NASDAQ: FORK) ("Fuling Global" or the "Company"), an environmentally-friendly specialized producer and distributor of plastic serviceware, with precision manufacturing facilities in both the U.S. and China, today announced the official opening of a new manufacturing facility in Wenling, China (the "New Facility") as part of the Company's previously announced capacity expansion plan.
As previously disclosed, the New Facility sits on a 33.27-acre parcel of land which the Company acquired in April 2016 from the Township of Wenling and has been under construction since June 2016. The 600,000 square foot state-of-the-art plastic serviceware factory will allow the Company to expand annual production capacity by more than 30% in 2017. The Phase II expansion is expected to start in the first half of 2018 and will add another 400,000 square feet to the New Facility.
Mr. Xinfu Hu, Chief Executive Officer of Fuling Global commented, "Today marks an important milestone for Fuling Global as we launch the commercial production of our fourth factory in China. Capacity expansion is an integral part of our long-term growth plan as we couldn't produce enough to meet growing demand for our products in recent quarters due to capacity constraints. With the completed Phase I and the planned Phase II expansion, the New Facility will allow us to more than double our annual production capacity in the next three years, preparing us for future growth and transformation in years to come."
About Fuling Global Inc.
Fuling Global Inc. ("Fuling Global") is an environmentally-friendly specialized producer and distributor of plastic serviceware, with precision manufacturing facilities in both the U.S. and China. The Company's plastic serviceware products include disposable cutlery, drinking straws, cups, plates and other plastic products and are used by more than one hundred customers primarily from the U.S. and Europe, including Subway, Wendy's, Burger King, Taco Bell, KFC (China only), Walmart, and McKesson. 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. Actual results 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 application of IPO proceeds, 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, general government regulation, economic conditions, 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 registration statement and in its other filings with the Securities and Exchange Commission.
For more information, please contact:
Tony Tian, CFA
Weitian Group LLC
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SOURCE Fuling Global Inc.