Minneapolis-based Malt-O-Meal Company, the nation's largest family owned cereal manufacturer, announced the grand opening of its newest production facility in Asheboro, N.C., on Tuesday, September 29. North Carolina Secretary of Commerce Keith Crisco officially opened the doors to the 350,000-square-foot facility, which adds 133 new jobs to the community.
"We are pleased to have Malt-O-Meal as our new neighbor and major contributor to the local economy, bringing well-paying, clean manufacturing jobs to Randolph County and the city of Asheboro," says Bonnie Renfro, president, Randolph County Economic Development Corporation. "We look forward to supporting Malt-O-Meal's continued success and enjoying the many benefits its growth will bring to our community."
The 33-acre facility represents an investment of $140 million, supporting a long-term growth strategy to strengthen Malt-O-Meal's position as the national leader in high quality value-priced cereal. Today, the company is one of the largest ready-to-eat cereal manufacturers, and is growing rapidly. Ten Malt-O-Meal ready-to-eat cereals rank among the top 50 best selling cereals in the U.S.
The Asheboro Malt-O-Meal facility houses state-of-the art cereal production equipment, and is producing two of the brand's most popular ready-to-eat cereals, Malt-O-Meal Frosted Mini Spooners and Malt-O-Meal Frosted Flakes. The site offers room for additional lines as the company continues to grow. The Asheboro plant is Malt-O-Meal's first production operation in the East.
"Our Asheboro plant is key to Malt-O-Meal's plans for expansion in the Southeast and across the U.S.," says Chris Neugent, president and CEO, Malt-O-Meal. "We are grateful to the residents and officials of the city of Asheboro and Randolph County, and to the state of North Carolina, for their support and warm welcome."
Malt-O-Meal received nearly $4 million in financial incentives from Randolph County and an additional $1.09 million from the state of North Carolina to build its new facility in the state. It also received a grant from the North Carolina Department of Transportation to help build a railroad spur to its production facility. Malt-O-Meal is expected to become a significant contributor to Randolph County's tax base.
Founded in 1919, Minneapolis-based Malt-O-Meal Company produces over 25 different ready-to-eat cereals, three varieties of Malt-O-Meal Hot Wheat cereal, and a full line of oatmeal products. In addition to the company's production facilities in Minnesota, Utah, Iowa and now North Carolina, Malt-O-Meal operates distribution centers in Minnesota, Missouri, Utah, Tennessee and Pennsylvania.