Pyxus International Inc (PYYX)

[Backstabbed]

$PYX NEWS!!!!!!! Pyxus Announces Updates on Indirect Subsidiary FIGR's Expansion Projects

https://ih.advfn.com/stock-market/NYSE/pyxus-international-PYX/stock-news/79909727/pyxus-announces-updates-on-indirect-subsidiary-fig

MORRISVILLE, N.C., May 14, 2019 /CNW/ -- Pyxus International, Inc. (NYSE: PYX), a global value-added agricultural company, is pleased to announce its wholly-owned indirect subsidiary, FIGR, Inc., has launched an early works program at its Simcoe, Ontario, facility. The program is focused on pre-groundbreaking tasks, such as excavation and tree clearing, on the 20-acre parcel of land (adjacent to the current Simcoe facility) slated for the company's 800,000 square foot expansion project.

"We are pleased with the implementation of FIGR's early works program, as it marks another milestone in its continual execution against the goal of expanding local capacity while working toward its overall construction timeline with an expected completion date of 2021," said Pyxus President, CEO and Chairman Pieter Sikkel. "The expected increase in capacity is a key component of our growth strategy to build a seed-to-consumer global consumer packaged goods company."

FIGR expects to break ground on the Simcoe facility expansion within the next 60 days (subject to government approval) and recently announced the onboarding of strategic project leadership organization Colliers Project Leaders, tasked with leading the facility's expansion efforts.

"Additionally, FIGR's Prince Edward Island operation remains on track in regards to its own expansion project," added Sikkel. "Phase one of the project is expected to be final this spring with the completion of phase two expected by year's end."

Upon completion of both phases, the Prince Edward Island operation's footprint is expected to grow upwards of 325,000 square feet with its production capacity estimated to be 40,000 kilograms annually.

FIGR's Simcoe expansion, together with the company's buildout of its Charlottetown, PEI facility, is expected to increase FIGR's total production capacity potential to more than 140,000 kilograms per year. Additionally, FIGR's total footprint will grow to more than 1.1 million square feet upon completion of both facilities' buildouts.

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140,000 Kg = 140,000,000 grams x $6/gram = $840,000,000 new revenue!

This PR will add $840,000,000 in new revenue to FIGR and $PYX.