Weston Florida, Feb. 02, 2016 (GLOBE NEWSWIRE) --
Petrone Worldwide, Inc. (OTC: PFWI) is expanding its food service disposables offering and has signed an agreement to acquire Transpower Component (India) Pvt. Ltd through a share purchase agreement. Transpower is a leading Indian manufacturer of Food Service disposable aluminum products committed to quality, convenience and innovation. Assortment includes steam table pans, rounds, squares, oblongs, ovals in a variety of sizes with coordinating aluminum, board lids. Roll foil is available in a variety of widths and lengths in both standard for Catering, Bakery, Carry Out and Food Processors. Some Key customers are Wal-Mart, Dominos and Amazon to name a few.
Upon completion, this strategic acquisition will expand Petrone’s overall capability for disposables through Transpower’s low cost Indian location and allow Petrone Worldwide to significantly advance its disposables strategy throughout Europe, U.S.A., South & Central America and consolidate already established Indian market.
"We evaluated many companies to determine the best fit for the acquisition of our organization. Transpower is the ideal organization based on its ability to augment our current capabilities and its significant market strength in the Food Service segment," said Victor Petrone, CEO, Petrone Worldwide. “We believe with we can see tremendous growth and add valuable new customers to the wide array of high profile customers that Transpower currently services. We have grown to a point that in order to expand and support the growing needs of our customers, we must partner with an organization such as Transpower. We are all very excited and look forward to working with the team." With the addition of these capabilities Petrone Worldwide is able to drive value for its customers through lower costs and faster time-to-market.
In addition to today's announced planned acquisition of Transpower, PFWI will significantly expand their ability to serve the global Food Service disposables market for European and multi-national customers," said Sanjay Magazine, Procurement Director.
"Upon completion of the deal, we look forward to expanding Transpower’s well established low-cost operations and investing in additional manufacturing capabilities, quality systems and design services to deliver more value, lower costs and faster time-to-market to our customers” said Ajay Handoo; Director Global Networking.
Headquartered in Moradabad, India ( an industrial town 125 miles from New Delhi, capital of India Transpower is a leading vertically integrated lean Aluminum foil container Manufacturing provider focused on delivering complete design, value added manufacturing services to Food Service Industry in India. Currently delivering solutions to:
- Retail operations
- Manufacturing facilities
- Distributors and Wholesalers
Key Customers: Wal-Mart, Dominos, Amazon, Flipkart, and Snap deals.
- SOURCE : Petrone World Wide
- Victor Petrone, Investor Relations
- This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is intended to qualify for the safe harbor from liability created by those laws. When used in this press release, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan”, “potential”, “predict”, “project”, “should”, “will”, and similar expressions, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such statements involve known and unknown risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical facts included in this press release regarding our strategy, future operations, financial position, prospects, plans and objectives of our management are forward-looking statements. Our actual results could differ materially and adversely from those anticipated in such forward-looking statements as a result of certain factors, including, but not limited to, the success of our on-going product development efforts, adverse results of any legal proceedings, diverse economic and competitive conditions, and any such difference may be caused by risk factors listed from time to time in the Company’s press releases and/or its filings with the OTC Markets or as a result of other factors. We undertake no obligation to publicly update or revise any forward-looking statement to reflect actual results or changes in assumptions or other factors that could affect those statements.
Contact: Victor Petrone CEO Petrone Worldwide, Inc. TEL: 954.778.7755 firstname.lastname@example.org
Source:Petrone Worldwide, Inc.