NJ: Pinnacle Foods Group Celebrates Expansion in Cherry Hill
24 Sep, 2010
Leading Producer, Marketer and Distributor of Branded Food Products to Create 90 New Jobs
Lieutenant Governor Kim Guadagno joined with Pinnacle Foods Group and other state and local officials recently to celebrate the company's decision to remain and grow in the Garden State. The company's new, 57,000-square-foot state-of-the-art facility, located at the Woodcrest Corporate Center in Cherry Hill, represents the private investment of more than $6 million and will result in the creation of 90 new jobs in the state and the retention of over 130 existing jobs.
"Pinnacle Foods decision to remain and grow in New Jersey is great news for the State, especially since they could have gone anywhere in the country," Lt. Gov. Guadagno said. "Every day as we continue to make New Jersey a home for growth, we're seeing a growing list of companies committed to staying and growing in the Garden State because of the Christie Administration's efforts. We know that companies like Honeywell, Coca Cola Enterprises, and now Pinnacle Foods are choosing New Jersey because of our improving business climate, accessibility to the markets they serve, and our highly skilled workforce. I look forward to celebrating even more success stories that will bring private investment and job growth to communities throughout the State."
Pinnacle Foods Group is a leading producer, marketer and distributor of high-quality branded food products, many of which have been trusted household names for decades. The company was originally formed in 2001 to acquire the North American business of Vlasic Foods International, which had been a corporate resident in Cherry Hill since 1998. Pinnacle is currently owned by private equity funds controlled by The Blackstone Group.
"This expansion represents a significant milestone for Pinnacle Foods Group and we are pleased to be able to celebrate our commitment to growing and prospering in New Jersey," said Pinnacle Foods Chief Executive Officer Bob Gamgort. "With the support of the State, New Jersey's highly-skilled workforce and our excellent location in Cherry Hill, we are in a great position to better serve our customers and consumers and we look forward to continued success."
Pinnacle's diversified brand portfolio holds the number one and number two position in ten of the twelve categories in which it competes. With the 2009 acquisition of Birds Eye Foods Inc., the company's brands now include Birds Eye® frozen vegetables, Hungry-Man® single-serve frozen dinners and entrees, Birds Eye Voila!® multi-serve frozen dinners and entrees, Van de Kamp's® and Mrs. Paul's® frozen seafood, Aunt Jemima® frozen breakfast, Lender's® bagels, Celeste® frozen pizza, Duncan Hines® baking mixes and frostings, Vlasic® shelf-stable pickles, peppers and relish, Open Pit® barbeque sauces, Comstock® and Wilderness® pie fillings, Mrs. Butterworth's® and Log Cabin® syrups, Bernstein's® salad dressing, Armour®, Nalley® and Brooks® canned meat, and Tim's Cascade® and Snyder of Berlin® snack products. The company's brands can be found in more than 85 percent of American homes.
Pinnacle was approved for a Business Employment Incentive Program (BEIP) grant worth an estimated $920,000 over ten years from the New Jersey Economic Development Authority (EDA) to support its expansion in New Jersey. The company also was approved for a $182,600 Business Retention and Relocation Assistance Grant (BRRAG) from the EDA to support the retention of over 133 jobs in the State. This assistance was considered a major factor in Pinnacle's decision to remain and grow in New Jersey.
The BEIP program is available to businesses expanding or relocating their workforce in the Garden State. Grants may be awarded for up to 10 years and can range between 10 percent and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired. The BRRAG program helps companies preserve jobs, expand operations and reinvest in New Jersey. Under the program, businesses relocating operations within New Jersey and retaining jobs may be eligible for grants of up to $1,500 per job retained, payable as a tax credit against a company's corporate tax liability.
For more information on BEIP and BRRAG, visit www.njeda.com. To learn more about opportunities for business growth throughout New Jersey, visit the state's business portal at www.NewJerseyBusiness.gov.
To learn more about Pinnacle Foods Group, visit www.pinnaclefoods.com.