THOMASVILLE, Ga., Jan. 14 /PRNewswire-FirstCall/ -- Flowers Foods
(NYSE: FLO) today announced that it purchased a bakery building in Suwanee,
Ga., from The Schwan Food Company. Terms of the transaction were not
disclosed.
Flowers built the bakery and adjacent freezer in 1999 and 1996
respectively and then sold the property to Schwan in 2003 as part of the sale
of the Mrs. Smith's business. Since 2003, Flowers has operated the bakery
under the terms of a building lease with Schwan. Following the close of the
transaction, Flowers will continue to produce hearth-baked buns, rolls and
bagels in the Suwanee bakery facility for retail and foodservice customers.
In a separate transaction, Schwan sold the adjacent freezer facility to
CPA(R): 16 - Global, a REIT affiliate of investment firm W. P. Carey & Co. LLC
(NYSE: WPC). Flowers has entered into a 15-year lease agreement with W. P.
Carey for a portion of the available pallet positions in the freezer.
"When we sold the Suwanee facility to Schwan, our plan was to operate the
bakery as long as possible and then move the equipment to another facility,"
said George E. Deese, chairman, chief executive officer, and president of
Flowers Foods. "Reacquiring the building allows us to keep production running
without interruption, provides us with operational certainty regarding future
production, and creates opportunities for expansion of the existing bakery to
accommodate additional volume."
Headquartered in Thomasville, Ga., Flowers Foods is one of the nation's
leading producers and marketers of packaged bakery foods for retail and
foodservice customers. Flowers operates 36 bakeries that produce a wide range
of bakery products marketed throughout the Southeastern, Southwestern, and
mid-Atlantic states via an extensive direct-store-delivery network and
nationwide through other delivery systems. Among the company's top brands are
Nature's Own, Cobblestone Mill, Sunbeam, Blue Bird, and Mrs. Freshley's. For
more information, visit www.flowersfoods.com.
Statements contained in this press release that are not historical facts
are forward-looking statements. All forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ from those
projected. Other factors that may cause actual results to differ from the
forward-looking statements contained in this release and that may affect the
company's prospects in general include, but are not limited to, (a)
competitive conditions in the baked foods industry, including promotional and
price competition, (b) changes in consumer demand for our products, (c) the
success of productivity improvements and new product introductions, (d) a
significant reduction in business with any of our major customers including a
reduction from adverse developments in any of our customer's business, (e)
fluctuations in commodity pricing and (f) our ability to achieve cash flow
from capital expenditures and acquisitions and the availability of new
acquisitions that build shareholder value. In addition, our results may also
be affected by general factors such as economic and business conditions
(including the baked foods markets), interest and inflation rates and such
other factors as are described in the company's filings with the Securities
and Exchange Commission.
SOURCE Flowers Foods
CONTACT: Mary Krier, Vice President-Communications of Flowers Foods,
+1-229-227-2333
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