Printer Friendly

IGI INCREASES BANK LINES, BUILDING NEW FACILITY TO MEET INCREASING DEMAND FOR NOVASOMER BASED PRODUCTS

 BUENA, N.J., Jan. 17 /PRNewswire/ -- IGI, Inc. (AMEX: IG) today announced it had negotiated an increase in its bank credit lines with Fleet Bank, NH. The company said it will immediately begin construction of a new skin care product development and manufacturing facility.
 This plant, on its Buena campus will give the company a ten fold increase in capacity to produce its patented NOVASOMER lipid vesicles for cosmetic, dermatologic and personal care products and its Apply & Dry product lines. The building is expected to be operational during 1994.
 In conjunction with the development of the skin care facility, the company will begin consolidation of most company operations onto its campuses in Buena and Vineland, N.J. The consolidation will also result in the reallocation of certain of the company's financial resources, more narrowly focusing certain research projects, streamlining operational programs, and elimination of a number of positions. The company believes this will allow it to take better advantage of its present opportunities.
 "This increased development and production capacity will enable us to better serve our cosmetic and skin product clients and will accommodate further expansion of the Apply & Dry line of 'no water needed' personal care products in the chain drug store market. In order to meet the continuing escalation of production requirements we need to substantially increase our NOVASOMER lipid vesicle and Apply & Dry production capabilities," the company said.
 IGI produced more than 260 tons of NOVASOMER lipid vesicles in 1993 in its current facility primarily for customers such as Este Lauder, Revlon, and Chesebrough-Ponds, and to a lesser extent for the development of vaccines and other medical and personal care uses.
 IGI, Inc. is a diversified company engaged in the development, production and marketing of animal care products, cosmetics, consumer products and human pharmaceuticals.
 -0- 1/17/94
 /CONTACT: Kevin Bratton of IGI, Inc. 800-531-9092, or Rick Stockton or Steve Bruce both of Abernathy/MacGgregor/Scanlon, 212-371-5999/
 (IG)


CO: IGI, Inc. ST: New Jersey IN: MTC SU:

SP -- NY024 -- 2424 01/17/94 09:48 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 17, 1994
Words:339
Previous Article:THE JANIS JOPLIN STORY TO COME TO STAGE AND SCREEN; THE WILLIAM MORRIS AGENCY TO REPRESENT TEXAS LION PRODUCTIONS FOR JANIS JOPLIN FAMILY
Next Article:SURVEY FINDS SHOPPING MALLS SHOULD 'ACCOMMODATE'
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters