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Stock impact report

Coffee Holding Co. to close factory amid falling Harmony Bay sales [Yahoo! Finance]

Coffee Holding Co., Inc. (JVA) 
US:NASDAQ Investor Relations: coffeeholding.com
Company Research Source: Yahoo! Finance
Amid waning sales for its Harmony Bay brand, the wholesale coffee roaster and dealer will shift production at the North Andover site to its Second Empire plant in Port Chester, New York. In a statement yesterday (8 October), president and CEO Andrew Gordon said the move will “improve efficiencies by providing us with both manufacturing and logistical cost savings”. Coffee Holding acquired the site in 2017 as part of the deal that saw it take over Comfort Foods. Last November, the company snapped up New York-based Empire Coffee Company. Gordon said roasting and manufacturing on the East Coast through the Comfort Foods site had "proved to be a winning strategy" as the company picked up sales in supermarket chains in the region. "As the coffee industry continues to evolve, we began to experience a steady decline in sales for the Harmony Bay product line, similar to what most regional brands have experienced," Gordon said. "This is due to the fact that major supermarket chains Show less Read more
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