Lanco To Refinance, Remain In Current Location
Supplier Lanco (PPAI 112333), has secured financing from NC Promotions ("NC"), an affiliate of Nassau Candy, the parent company of supplier Chocolate Inn (PPAI 111662), and has a purchase agreement for NC to acquire its business assets. The company will remain in its Ronkonkoma, New York, location, and current employees will remain in place.
"We have secured financing to enable Lanco to continue operations," says Scott Slade, president of Lanco Corporation. "We have restocked inventory levels, are supporting customers and fulfilling orders in their entirety. We are retaining our employees and will continue the great legacy of Lanco."
"This is a good thing for Lanco, the industry, our employees, our customers—for everybody involved," Slade added.
Lanco Corporation is a third-generation company founded in 1985. Slade was named president in 2011.