|
LEICESTER, N.Y., April 9, 1997 -- CPAC,
Inc. (Nasdaq: CPAK)
today announced that it will nearly triple the size of its CPAC Europe subsidiary in
Herentals, Belgium, to meet sales growth. CPAC Europe now delivers its prepackaged
chemistry to photo labs in Western and Eastern Europe, including many former USSR
countries.
According to Pedro P. Bonilla, President of CPAC Imaging
Group, the addition reflects positive growth in Europe and the surrounding regions.
"As economies in all these areas have recovered, both our Belgian (CPAC Europe) and
Italian (CPAC Italia S.r.l.) manufacturing facilities have had double- digit growth.
Similar to our domestic imaging operations, we have recently made significant capital
equipment investments in our European manufacturing capabilities, but now realize we
cannot continue at this rate of growth without physically enlarging the Belgian facility.
When we built the plant five years ago, it was designed with future expansion in mind as
European markets developed," he said. The 29,500 square foot addition is expected to
be completed in this fiscal year.
Mr. Bonilla also announced that the final stage of the
liquidation of CPAC's operation in South America was completed by the sale of its
Venezuelan imaging chemical plant. He commented that he was pleased that the sale of the
building would have no impact on CPAC, Inc.'s March 31, 1997 year-end financial results.
CPAC continues to serve Latin American customers from its U.S. plants.
CPAC, Inc. manufactures processing chemicals and pollution
control equipment for the global imaging market. The Company also produces and markets
cleaning and personal care products for household and commercial use. CPAC, Inc. shares
are traded over the Nasdaq National Market System under the ticker symbol TCPAK.U.
Additional product and financial information is available on the Internet at http://www.cpac-fuller.com.
Except for the historical matters contained herein,
statements in this press release are forward looking and are made pursuant to the safe
harbor provisions of the Securities Litigation Reform Act of 1995. Investors are cautioned
that forward looking statements involve risks and uncertainties which may affect CPAC's
business and prospects, including economic, competitive, governmental, technological and
other factors discussed in CPAC's filings with the Securities and Exchange Commission.
# # #
|
