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Galaxy Foods Cutting Staff, Buying New Equipment and Planning Chain of New Retail Outlets

ORLANDO-With third-quarter profit down by 9%, the locally-based manufacturer of soy and vegetable-based foods could also be considering reducing plant space at its south Orlando headquarters at 2441 Viscount Row.

By Alex Finkelstein | Updated on November 21, 2000

ORLANDO-Galaxy Foods Co. is trying a new strategy as it continues to reshape its operations to make the company profitable. The locally-based manufacturer of soy and vegetable-based foods is shaving its staff of 283 to 234; automating its production line; planning to develop a chain of Veggie Café outlets with General Nutrition Cos.; and changing its name to Galaxy Nutritional Foods Inc.

The company may also be considering reducing its plant and office space at its 244 Viscount Row headquarters in south Orlando, according to industry observers familiar with the company’s long-range plans. The new moves are being made after third-quarter profit fell 9%, even though sales were up 16%. The company’s common stock is trading at around $4 per share on the American Stock Exchange.

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