Charms, a candy manufacturer and subsidiary of Tootsie Roll Industries, announced plans for a significant plant expansion in Covington, Tennessee. The company will invest an estimated $98 million into its distribution center as part of this project. This investment is aimed at bolstering operations and increasing capacity.
The expansion project is expected to create 62 new jobs at the Covington facility. This move underscores the company's commitment to enhancing its manufacturing and distribution capabilities within the United States. The investment aligns with broader strategic goals to meet forecasted demand and improve operational efficiencies.
This capital allocation is part of a multi-year expansion project for Tootsie Roll Industries, with total costs estimated between $95 million and $100 million over the next seven years. The majority of these expenditures are anticipated to occur between 2025 and 2027, funded internally. The expansion is designed to support product quality improvements and capacity growth in certain product lines.
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