Soft drink manufacturer Reed”™s Inc. is relocating its headquarters from Los Angeles to Norwalk as it wraps up the sale of its L.A. production facility and shakes up its executive team.
The company ”“ whose all-natural beverages include Reed”™s Ginger Beer and Virgil”™s Root Beer ”“ announced in January its plans to divest itself of the L.A. production facility, with Boston-based advisory, restructuring and investment firm Gordon Brothers managing the sale of the plant.
The changes are part of a streamlining process initiated by CEO Val Stalowir, who took over from founder and former CEO Chris Reed in July 2017.
The timing of the move to Norwalk is uncertain; Reed”™s would only say that it will take place “over the next several months.” Norwalk will serve as the hub of the company’s operations, business development, sales and marketing, finance, supply chain, HR and other corporate functions.
“With key leadership already based in the tristate area, including support agencies leading the company’s marketing, advertising and public relations efforts, this will ensure a seamless transition,” Reed”™s said in a statement.
“As we continue to spread our mission, it has become increasingly clear that we would be stronger, more effective and more efficient by repositioning the company as a sales- and marketing-focused organization to further accelerate future growth,” said Stalowir. “We believe this move allows us access to an extended and experienced beverage talent pool and strategic advantages being located in the tristate area.
“The planned exit of the company’s production facility in Los Angeles is expected to improve margins and enhance returns on capital by reducing capital expenditures and eliminating plant-related costs, including idle plant charges,” Stalowir added.
In addition to the relocation announcement, Reed”™s announced that its chief financial officer, Dan Miles, has informed the company that he will not be relocating to Connecticut. Iris Snyder, most recently senior vice president and chief financial officer for Stoli Group USA, is replacing him.
Reed”™s also announced the appointments of Philip T. Trotman as director of marketing and Beth J. Brown as director of supply chain and procurement. Trotman most recently was partner at Diadem Partners, while Brown was senior supply chain manager at Zwilling J.A. Henckels.
