−Removed: Westrock Coffee Company, a Delaware corporation (the “Company,” “Westrock,” “we,” “us,” or “our), is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retail, food service and restaurant, convenience store and travel center, non-commercial account, CPG, and hospitality industries around the world.
+Added: Westrock Coffee Company, a Delaware corporation (the “Company,” “Westrock,” “we,” “us,” or “our”), is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retail, food service and restaurant, convenience store and travel center, non-commercial account, consumer packaged goods (“CPG”), and hospitality industries around the world.
We seek to be the leading company to our partners, providing end-to-end solutions and offering product innovation, traceability, transparency, and scalability for coffee, tea, flavors, extracts and ingredients globally.
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Our platform is built upon four fundamental pillars that position us as a leading provider of value-added beverage solutions and enable us to positively impact the coffee, tea, flavors, extracts, and ingredients ecosystems from crop to cup:
−Removed: (i) operate a fully transparent supply chain, (ii) develop innovative beverage solutions tailored to our customers’ specific needs, (iii) deliver a high quality and comprehensive set of products to our customers, and (iv) leverage our scaled international presence to serve our blue-chip customer base.
−Removed: The Company operates eight manufacturing facilities, three of which are located in Concord, North Carolina, two in North Little Rock, Arkansas, one in Richmond, California, one in Kigali, Rwanda, and one in Johor Bahru, Malaysia.
−Removed: We have begun the build-out of a 524,000 square-foot extract and ready-to-drink facility (“RTD”) in Conway, Arkansas, which will be our ninth manufacturing facility, and one of the largest of its type in the United States.
+Added: (i) operate a transparent supply chain, (ii) develop innovative beverage solutions tailored to our customers’ specific needs, (iii) deliver a high quality and comprehensive set of products to our customers, and (iv) leverage our scaled international presence to serve our blue-chip customer base.
+Added: The Company operates three manufacturing facilities in Concord, North Carolina, one in North Little Rock, Arkansas, one in Richmond, California, one in Kigali, Rwanda, and one in Johor Bahru, Malaysia.
+Added: We continue the build-out of our 524,000 square-foot extract and ready-to-drink facility (“RTD”) in Conway, Arkansas, which will be our eighth manufacturing facility, and one of the largest of its type in the United States.
The Conway facility is expected to begin commercial production in 2024.
As of December 31, 2023, our operating structure consists of two reportable segments:
−Removed: Beverage Solutions and Sustainable Sourcing and Traceability (“SS&T”).
+Added: Beverage Solutions and Sustainable Sourcing & Traceability (“SS&T”).
Beverage Solutions :
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Recent Developments
−Removed: On August 26, 2022, pursuant to the terms of the Transaction Agreement, dated April 4, 2022, by and among the Company, Riverview Acquisition Corp., a special purpose acquisition vehicle and a Delaware corporation (“Riverview”), Origin Merger Sub I, Inc.
−Removed: (“Merger Sub I”), and Origin Merger Sub II, LLC (“Merger Sub II”) (as amended, modified or supplemented, the “Transaction Agreement”), the Company completed its de-SPAC merger transaction with Riverview (the “Transaction”).
−Removed: In connection with the closing of the Transaction (the “Closing”), the Company converted from a Delaware limited liability company to a Delaware corporation (the “Conversion”) and changed its corporate name from “Westrock Coffee Holdings, LLC” (the “Converting Company”) to “Westrock Coffee
−Removed: Company.” Pursuant to the Transaction Agreement, Merger Sub I merged with and into Riverview, with Riverview surviving the merger as a direct wholly owned subsidiary of Westrock (such merger, the “SPAC Merger”) and immediately following the consummation of such merger, Riverview merged with and into Merger Sub II, with Merger Sub II surviving the merger as a direct wholly owned subsidiary of Westrock.
−Removed: At Closing, the Company issued 12,868,151 shares of common stock of the Company, par value $0.01 (“Common Shares”), to public and Class B shareholders of Riverview, receiving $49.8 million of the cash held in the trust account of Riverview, which is net of $17.1 million of Riverview transaction expenses offset against proceeds received by the Company at Closing.
−Removed: The 12,868,151 Common Shares include 1,910,000 shares issued to PIPE investors who elected to satisfy their PIPE commitments through the purchase of shares of Class A common stock of Riverview (“Riverview Class A Shares”) on the public market, pursuant to the terms of their respective subscription agreements.
−Removed: Substantially concurrently with the Closing, the Company received $205.9 million in cash proceeds from common stock PIPE investments (the “PIPE Financing”), issued 20,590,000 Common Shares to the PIPE investors and entered into a credit agreement (the “Credit Facility”) that includes (a) a senior secured first lien revolving credit facility in an initial aggregate principal amount of $175.0 million (the “Revolving Credit Facility”) and (b) a senior secured first lien term loan facility in an initial aggregate principal amount of $175.0 million (the “Term Loan Facility”).
−Removed: On November 14, 2022, Westrock Beverage Solutions, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, acquired one hundred percent (100%) of the equity securities of Kohana Coffee, LLC (“Kohana Coffee”), a Texas limited liability company.
−Removed: Kohana Coffee is an extract and RTD focused business, based in Richmond, California, serving customers in the retail and CPG industries.
−Removed: Aggregate consideration paid for Kohana Coffee included 1,852,608 Common Shares and approximately $15.7 million in cash, subject to customary adjustments.
−Removed: On February 14, 2023, the Company entered into an Incremental Assumption Agreement and Amendment No.
−Removed: 1 (the “Amendment”) to its Credit Agreement, which establishes a new class of incremental term loan commitments in the form of a senior secured delayed draw term loan credit facility (the “Delayed Draw Term Loan Facility”) in the aggregate principal amount of $50.0 million, proceeds of which may be used to fund capital expenditures related to our extract and ready-to-drink facility in Conway, Arkansas, or for general corporate purposes.
−Removed: On February 28, 2023, the Company completed the acquisition of Bixby Roasting Co.
−Removed: (“Bixby”), a specialty-grade roaster that is a leader in the emerging influencer-led brand space.
−Removed: The acquisition includes Bixby’s roasting facility in Los Angeles, California.
+Added: Refer to Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Overview – Significant Developments”, of this Annual Report on Form 10-K for information regarding significant developments in our business.
Competitive Strengths
In order to achieve our mission, we will utilize our competitive strengths and we will drive continued, sustainable growth and strong financial performance by executing on our growth strategies.
−Removed: Exceptional and highly experienced management team.
+Added: Innovative, value-added, and scalable beverage solutions provider.
+Added: Our comprehensive solutions offering and strategic partnership approach make us a unique “brand-behind-the-brand,” which allows us to deliver value-added beverage solutions across multiple product categories and platforms to our customers.
+Added: Our collaborative product development process starts with custom consumer insights targeted to our customers’ channel and consumer profiles and makes us a critical partner to foodservice and private label retail operators seeking new and innovative products.
+Added: The ability to serve global foodservice operators through our international presence, responsible sourcing capabilities, and vertically integrated supply chain positions us as a global full-menu beverage solutions provider.
+Added: Our comprehensive line of products allows us to create any product platform in a multitude of packaging sizes and formats.
+Added: Our skilled team has extensive experience working in blend matching and taste profiling, which allows us to match any coffee or tea blend or ready-to-drink beverage desired and maintain consistency of our products.
+Added: This, along with our partnership approach with our customers, enhances our ability to drive beverage program profitability.
+Added: High growth and compelling liquid extract business.
+Added: As Millennials and Gen Z enter their prime spending age, they will continue to drive major change within the coffee industry, with increased demand for cold coffee, liquid extracts, and premium away-from-home beverages compared to hot coffee beverages and carbonated soft drinks.
+Added: As traditional fast-food restaurants and convenience stores compete to win back market share from current industry leaders, these restaurants and convenience stores need a partner to innovate and fulfill growing demand for cold coffee and other forms of liquid extracts globally.
+Added: As a leading partner to these restaurants and convenience stores, we believe we are capable of fulfilling innovation requirements and scaling quickly enough to meet demand.
+Added: We are well positioned to support innovation demand from extract development through RTD fulfillment.
+Added: Liquid Extracts is our highest growth product category that includes iced coffees, cold brew coffee, and RTD mixes, with cold coffee products experiencing the most significant growth.
+Added: The segment comes with a significant channel diversification opportunity within the varied ingredients and cross-selling options driven by cold brew and RTD beverages.
+Added: Exceptional and highly experienced management team and culture of commitment.
+Added: We have a highly experienced leadership team anchored by a growth-oriented culture and a deep bench of talent with strong business and operational experience.
+Added: Our employees at all levels of our organization are passionate about addressing the needs of our stakeholders — from our farmer partners, to our customers, to our stockholders.
+Added: Our company is full of people looking to make a difference in countless lives around the world.
+Added: We consider everyone who touches Westrock coffee — from crop to cup — to be an equal contributor in our mission to produce great coffee and improve the industry as a whole.
Our experienced and passionate executive team has helmed the acceleration of our growth and set our strategic direction, all underpinned by a purpose to become the world’s most competitive and innovative provider of beverage solutions in order to provide smallholder farmers and their families in developing countries the ability to advance their quality of life and economic well-being.
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Through economic empowerment and environmental accountability, we directly improve the lives of the people who bring our products to life.
−Removed: Paying fair prices, training farmers, and connecting them to customers with full transparency leads to reinvestment in more sustainable, profitable farms.
+Added: Paying fair prices, training farmers, and connecting them to customers with transparency leads to reinvestment in more sustainable, profitable farms.
The value we create to improve lives accelerates symbiotically with our revenue and profits.
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Traceability is a fundamental pillar of the value proposition we offer our customers, and is key to driving the industry shift that will positively impact small hold coffee farmers throughout the world.
−Removed: Innovative, value-added, and scalable beverage solutions provider.
−Removed: Our comprehensive solutions offering and strategic partnership approach make us a unique “brand-behind-the-brand,” which allow us to deliver value-added beverage solutions across multiple product categories and platforms to our customers.
−Removed: Our collaborative product development process starts with custom consumer insights targeted to our customers’ channel and consumer profiles and makes us a critical partner to foodservice and private label retail operators seeking new and innovative products.
−Removed: The ability to serve global foodservice operators through our scaled international presence, best-in-class sustainable sourcing capabilities, and vertically integrated supply chain positions us as a global full-menu beverage solutions provider.
−Removed: Our comprehensive line of products allows us to create any product platform in a multitude of packaging sizes and formats.
−Removed: Our skilled team has extensive experience of success working in blend matching and taste profiling, which demonstrates our ability to match any coffee or tea blend or ready-to-drink beverage desired and ensure consistency in every cup.
−Removed: This, along with our partnership approach with our customers, enhances our ability to drive beverage program profitability.
−Removed: The capacity to deliver an ethically-sourced bespoke product, around the world, in a timely manner differentiates us from our competition.
−Removed: High growth and compelling liquid extract business.
−Removed: As Millennials and Generation Z enter their prime spending age, they will continue to drive major change within the coffee industry.
−Removed: Instead of hot coffee beverages and carbonated soft drinks, millennials are consuming cold coffee, liquid extracts, and premium away-from-home beverages.
−Removed: These trends are trickling down into Generation Z as well.
−Removed: As traditional fast-food restaurants and convenience stores compete to win back market share from current industry leaders, these restaurants and convenience stores need a partner to innovate and fulfill growing demand for cold coffee and other forms of liquid extracts globally.
−Removed: As a leading partner to these restaurants and convenience stores, we believe we are capable of fulfilling innovation requirements and scaling quickly enough to meet demand.
−Removed: We are uniquely positioned to support innovation demand from extract development through RTD fulfillment.
−Removed: Liquid Extracts is our highest growth product category that includes iced coffees, cold brew coffee, and RTD mixes, with cold coffee products experiencing the most significant growth.
−Removed: The segment comes with a significant channel diversification opportunity within the varied ingredients and cross-selling options, with tailwinds driven by cold brew and RTD beverages.
−Removed: Unparalleled customer value proposition.
+Added: Significant customer value proposition.
Our value proposition enables us to develop successful beverage solutions roadmaps, to provide product innovation, and to grow with our customers.
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Our end-to-end solutions are based on a cross-functional sales team approach that starts with insights and innovation, leads to product and taste profile development, on to sourcing and risk management, production, final packaging and logistics delivery, and is supported with marketing and continued process and program refinement.
−Removed: Culture of commitment.
−Removed: We have a highly experienced leadership team anchored by a growth-oriented culture and a deep bench of talent with strong business and operational experience.
−Removed: Our employees at all levels of our organization are passionate about addressing the needs of our stakeholders — from our farmer partners, to our customers, to our stockholders.
−Removed: Our company is full of people looking to make a difference in countless lives around the world.
−Removed: consider everyone who touches Westrock coffee — from crop to cup — to be an equal contributor in our mission to produce great coffee and improve the industry as a whole.
−Removed: Robust financial growth and performance underpinned by on-the-ground operating initiatives.
−Removed: Our strong topline growth in recent years combined with more streamlined operations have delivered continued improvement in our financial profile.
Growth Strategies
Extend and enhance product offerings through innovation.
−Removed: We are relentlessly focused on product innovation as it is paramount to our success.
+Added: Product innovation is paramount to our success.
As the brand-behind-the-brand, we expect to continue to create new categories while innovating current products and formats at scale.
−Removed: We believe the liquid extracts category is the best near-term product expansion opportunity as customer tastes continue to shift to cold brew and RTD offerings.
+Added: We believe the liquid extracts category is one of the best near-term product expansion opportunities as customer tastes continue to shift to cold brew and RTD offerings.
Expand our customer base.
−Removed: While we take the privilege of serving our current customers very seriously, we are actively and aggressively working to expand our blue-chip customer base to further penetrate our existing channels.
−Removed: Our new customer pipeline is organized and quantified through a detailed process that engages our cross-functional team to ensure we are always working to grow our customer base.
+Added: We seek to expand our blue-chip customer base to further penetrate our existing channels.
+Added: Our new customer pipeline is organized and quantified through a detailed process that facilitates our cross-functional team’s efforts to grow our customer base.
Follow our customers with geographic expansion.
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We are focused on building a brand-behind-the-brand platform supported by an organization with the capabilities to provide comprehensive value-added beverage solutions.
−Removed: Capitalizing on growing beverage categories and innovation, we offer an array of on-trend, highly differentiated and innovative products that allow our customers to satisfy their customers changing tastes and preferences.
−Removed: Our diversified product offering combines a strong earnings foundation in whole bean roast and ground coffee with high-growth product offerings in single service cups, food service iced tea, retail and food service hot tea, extract-based products, and our RTD beverage platform.
+Added: Capitalizing on growing beverage categories and innovation, we offer a wide array of products that allow our customers to satisfy their customers’ changing tastes and preferences.
+Added: Our diversified product offering includes whole bean roast and ground coffee, as well as single service cups, food service iced tea, retail and food service hot tea, extract-based products, and our RTD beverage platform.
These products reside in our Beverage Solutions segment.
−Removed: From an innovation perspective, we recently launched multiple cold brew coffee and tea concentrate product lines, chai tea and other functional health beverage concentrates, an infused-beverages platform for agua frescas and other blended juice-based products, coffee extracts designed for indulgent dairy-based products, and further expanded into core RTD products.
−Removed: We collaborate with customers from the consumer insights and product design phase of development through extract manufacture and end-of-the-line packaging, which enables Westrock to capture profitability at every stage of the value chain.
−Removed: This turnkey approach makes us a valuable partner for our global customers to feed a constant pipeline of
−Removed: innovation into their business planning process.
+Added: We collaborate with customers from the consumer insights and product design phase of development through extract manufacture and end-of-the-line packaging.
+Added: This approach makes us a valuable partner for our global customers to feed a constant pipeline of innovation into their business planning process, gives us a multi-year outlook far ahead of product launches and enables us to plan and deploy human resources and capital expenditures.
Using this same platform, we are also able to toll produce for our customers.
−Removed: We believe our ability to be flexible distinguishes us in the market.
−Removed: One element of Westrock’s platform is to integrate our consumer insights, omni-channel product marketing and product development resources into the strategic planning process of our key global accounts, providing us with a multi-year stream of product innovation and new product introductions far ahead of the product launch cycle.
−Removed: This yields repeatable, forecastable, and consistent growth and the platform enables us to more efficiently deploy human resources and capital expenditures as compared to our competition due to our integration with the growth and product innovation plans of our key global customers.
As consumer preferences change and we integrate further as a key partner to our global customer base, we will continue to create new categories, innovate current products and formats at scale, and deliver the craft appeal across our offerings, with a baseline of the sustainable and better-for-you products that our customers are demanding.
Customer Channels
−Removed: Westrock Coffee seeks to supply the world’s most iconic brands with the world’s most innovative coffee, tea, flavors, extracts, and ingredients products.
−Removed: As the brand-behind-the brands, our long-tenured customers include blue-chip market leaders across the retail, restaurant and food service, convenience store and travel center, non-commercial account, CPG, and hospitality industries.
+Added: We seek to supply the world’s most iconic brands with the world’s most innovative coffee, tea, flavors, extracts, and ingredients products.
+Added: As the brand-behind-the-brand, our long-tenured customers include blue-chip market leaders across the retail, restaurant and food service, convenience store and travel center, non-commercial account, CPG, and hospitality industries.
The mix of industries we serve provides a balance of in-home and out-of-home consumption.
−Removed: This diversification brings opportunities to leverage various products across industries and ensure that, regardless of shifting consumer patterns driving consumption at home or away, we remain stable and balanced as a provider of the brand-behind-the-brands.
+Added: This diversification brings opportunities to leverage various products across industries and help us, regardless of shifting consumer patterns driving consumption at home or away, remain stable and balanced as a provider of the brand-behind-the-brand.
Supply Chain Traceability and Community Impact
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These strategic holdings provide exceptional insight into each segment of the supply chain that allows us to better understand and manage risk.
−Removed: Although we do not own any farms, we source our coffee and tea from over 1.5 million farmer partners spread across 35 different countries, spreading our supply risk across multiple importers and exporters and countries of origin.
We are focused on delivering a fully traceable and transparent supply chain for our customers.
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We define responsible sourcing as the purchase and processing of coffee and tea in a manner that is fair to the people who grow and handle it, their employees, peers, and environments.
−Removed: As of December 31, 2022, approximately 69% of our coffee and tea is responsibly sourced globally.
−Removed: We are committed to continuing to increase our responsibly sourced coffee and tea by building a global supplier assurance framework in partnership with assurance experts, and we will audit our entire supplier network for compliance with our Responsible Sourcing Policy.
−Removed: Additionally, we plan to deploy more personnel in key supply chains to further quantify the social, environmental, and entrepreneurial impact of coffee and tea in the countries of origin.
+Added: We are committed to continuing to increase our responsibly sourced coffee and tea purchases.
+Added: We have built a global supplier assurance framework in partnership with assurance experts, and we audit our coffee supplier network for compliance with our Responsible Sourcing Policy.
+Added: Additionally, all tea purchases are third-party certified and we are increasing purchases of second party verified and third party certified coffee.
Farmer Direct Verified®.
−Removed: Westrock is the largest private label service provider in the world to enable digital traceability at scale from farm gate to the finished products across all beverage offerings.
−Removed: Our transparent sourcing program, Farmer Direct Verified® (“FDV”), provides unprecedented transactional data throughout the supply chain.
−Removed: This, combined with multi-year trade relationships enables deeper collaboration, enforces ethical practices in the supply chain, and lays the foundation to solve the sustainability issues of tomorrow.
−Removed: Communicating supply chain realities allows our customers to make the informed decisions for their brands and leads to reinvestment in sustainable farms.
+Added: We seek to be the largest private label service provider in the world to enable digital traceability at scale from farm gate to the finished products across all beverage offerings.
+Added: Our transparent sourcing program, Farmer Direct Verified® (“FDV”), provides transactional data throughout the supply chain.
+Added: This, combined with multi-year trade relationships, enables deeper collaboration, enforces ethical practices in the supply chain, and lay a foundation to solve the sustainability issues of tomorrow.
+Added: Communicating supply chain realities allows our customers to make informed decisions for their brands and leads to reinvestment in sustainable farms.
Raíz Sustainability .
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Raíz farmers also comply with internationally recognized standards for labor conditions, human rights, and environmental protection.
−Removed: Supply chain programs like Raíz show just how imbedded we are with many of our unrelated supply partners, which allows us to spread sourcing risk across multiple partners, origins, quality types and farmer groups without giving up influence over matters material to our sourcing goals such as farmer livelihoods, yield improvements, and transparent data.
+Added: Supply chain programs like Raíz allow us to spread sourcing risk across multiple partners, origins, quality types and farmer groups without giving up influence over matters material to our sourcing goals such as farmer livelihoods, yield improvements, and transparent data.
Raw Materials
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Green coffee is an exchange-traded commodity subject to price fluctuations.
−Removed: There are certain instances when specific types of green coffee are not traded on a commodities exchange, and instead are traded on a negotiated flat-price basis.
−Removed: The most common flat-priced coffee in our portfolio is Fairtrade-certified coffees.
−Removed: The pricing structure set up by Fairtrade offers the exporter price floor on an FOB Origin basis of $1.60 per pound for Washed processed coffees and $1.55 per pound for Natural processed coffees.
+Added: We purchase green coffee on a differential basis against the exchange price and on a negotiated flat-price basis.
+Added: The most common flat-priced coffee in our portfolio is Fairtrade USA-certified coffees.
+Added: The pricing structure set up by Fairtrade USA offers the exporter price floor on an FOB Origin basis of $1.60 per pound for Washed processed coffees and $1.55 per pound for Natural processed coffees.
Therefore, when the average price of green coffee per pound, or “C-Price,” plus the differential for the conventional quality in question is below the Fairtrade minimum pricing, then we pay a flat price equal to the Fairtrade minimum price.
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Due to significant demand and limited supply, some origins, such as Sumatra and Ethiopia, will price their top grades of export beans on a flat price that is mostly divorced from the C-Price.
−Removed: We purchase raw materials through importers who source green coffee and tea from multiple countries of origin around the world.
−Removed: For the year ended December 31, 2022, approximately 21% of our green coffee and none of our tea was sourced from Falcon and RTC.
−Removed: No other importer accounted for more than 10% of our coffee raw materials purchases.
−Removed: Related to tea raw materials purchases, one importer accounted for approximately 50% of our tea raw materials purchases.
+Added: We purchase raw materials through importers and exporters who source green coffee and tea from multiple different countries of origin around the world.
The supply and price of green coffee and tea are subject to volatility and are influenced by numerous factors which are beyond our control and can be affected by factors such as weather, politics, currency fluctuations and economics within the countries that export coffee.
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The coffee, tea, flavors, extracts, and ingredients industry is highly competitive.
−Removed: As a scaled global beverage solutions provider with capabilities across several product categories and industries served, we generally view our competition based on product lines and geography.
+Added: We generally view our competition based on product lines and geography.
● In the U.S.
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We own several U.S.
−Removed: trademarks and service marks that have been registered with the United States Patent and Trademark Office.
−Removed: We also own other trademarks and service marks for which we have filed applications for U.S.
−Removed: registration.
+Added: trademarks and service marks that have been registered (or for which applications have been filed) with the United States Patent and Trademark Office.
The duration of trademark registrations varies;
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Sales of hot coffee products are typically higher during the winter months compared to the summer months.
−Removed: Most of our customers define “coffee season” as mid-September through April.
−Removed: However, sales of cold brew, iced tea and extract products during the summer months helps mitigate the impact of this seasonality.
+Added: Most of our customers define “coffee season” as September through February.
+Added: However, sales of cold brew, iced tea and extract products from March through August helps mitigate the impact of this seasonality.
In addition, the growing trend to “more than hot black coffee” is regulating seasonal variances.
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We actively recruit for diverse talent and seek to build a culture reflective of the desires and the needs of the customers we partner with and serve.
−Removed: We actively support equal opportunity employment, enjoy stable labor relations, and provide a working environment of equity and inclusion for all members of our workforce.
Employee Health and Safety.
We maintain a qualified staff of professionals to oversee, manage and apply all standards related to food safety, environment safety, and workplace safety standards by agencies that audit our facilities throughout the United States.
−Removed: COVID-19 Mitigation.
−Removed: We have a COVID-19 response committee that monitors the impact of COVID-19 on the workforce’s health and on Company production.
−Removed: We responded to the pandemic by following generally accepted COVID-19 mitigation guidelines intended to ensure that personal protective equipment and distancing protocols are used in our production facilities across the entire enterprise.
−Removed: As a result, we have not experienced a material impact in workforce attendance, nor have we experienced a material impact on our ability to safely manufacture and deliver products to our customers.
−Removed: To abate the spread of COVID-19 when individual cases are identified, employees are required to quarantine at home if there is contact, positive testing, and/or confirmed infection.
−Removed: To meet our production needs we schedule unaffected healthy employees to work overtime to cover staffing needs.
−Removed: Overtime is used primarily to cover increased product orders.
−Removed: We believe we are prepared to address and follow government mandates that might become law in the future.
+Added: We believe our workforce is prepared to meet the needs of our customers and further the growth of our Company.
Regulatory Environment
−Removed: As a leading manufacturer of coffee, tea, flavors, extracts, and ingredients, we comply with the Good Manufacturing Practices promulgated by the FDA as part of our commitment to produce safe and high-quality beverage products.
+Added: As a leading manufacturer of coffee, tea, flavors, extracts, and ingredients, we comply with the Good Manufacturing Practices promulgated by the Food and Drug Administration (FDA) as part of our commitment to produce safe and high-quality beverage products.
We are registered with the FDA, and we satisfy all legal and compliance requirements under the Food Safety Modernization Act (FSMA) and applicable state regulations.
−Removed: Our facilities are certified under the GFSI schemes and operate under a Quality Management System to assure that we comply with all regulatory and customer requirements.
+Added: Our facilities are certified under the Global Food Safety Initiative (GFSI) schemes and operate under a Quality Management System to assure that we comply with all regulatory and customer requirements.
Our quality management systems are periodically reviewed using an internal audit system to assure that our employees understand our commitment to food safety and high quality.
−Removed: We are also subject to the general industry requirements applicable to manufacturers, including the safety standards of the Occupational Safety and Health Administration and the environmental standards of the Environmental Protection Agency.
−Removed: In addition to regulatory compliance, our comprehensive compliance program is designed to assure that our business is conducted in accordance with the highest ethical standards.
+Added: We are also subject to the general industry requirements applicable to manufacturers, including the safety standards of the
+Added: Occupational Safety and Health Administration and the environmental standards of the Environmental Protection Agency.
+Added: In addition to regulatory compliance, our corporate compliance program is designed to assure that our business is conducted in accordance with the highest ethical standards.
We regularly conduct training on such matters as the Foreign Corrupt Practices Act so that our employees understand what is expected of them and how to raise issues of concern.
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The Company’s website address is www.westrockcoffee.com .
−Removed: Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) are available on our website, free of charge, as soon as reasonably practicable after we electronically file such materials with the SEC.
+Added: Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) are available on our website, free of charge, as soon as reasonably practicable after we electronically file such materials with, or furnish to, the SEC.
Our Exchange Act filings can also be found at www.sec.gov.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.