Atlantic International Corp. Expands $11 Million Partnership with Food Production Leader, Aiming for 25% Growth and New Locations
Rhea-AI Summary
Atlantic International Corp. (OTC: ATLN) has announced a significant expansion of its partnership with a leading food production company through its subsidiary, Lyneer Staffing Solutions. The extended collaboration, valued at $11 million with potential for a 25% increase to $13.75 million, builds on an existing long-term relationship with annual renewals.
The partnership extension includes additional locations and represents an annual spend of $10 million. This expansion marks a important milestone in Lyneer's growth within the food production industry, reinforcing its position as a trusted workforce solutions provider. Both Todd McNulty, CEO of Lyneer Staffing Solutions, and Jeffrey Jagid, CEO of Atlantic International, expressed enthusiasm about the expanded relationship and its alignment with the company's strategic growth objectives.
Positive
- Partnership extension valued at $11 million with potential 25% increase to $13.75 million
- Expansion to additional locations with the customer
- Annual spend of $10 million from the extended partnership
- Strengthens Lyneer's position in the food production sector
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, ATLN gained 5.00%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ENGLEWOOD CLIFFS, N.J., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Atlantic International Corp. (“Atlantic”) (OTC: ATLN), a leading provider of strategic staffing outsourced services and workforce solutions, today announced that its subsidiary Lyneer Staffing Solutions has agreed to a substantial extension of Lyneer’s partnership with a premier food production company. This strategic collaboration, building on a long-term relationship with annual renewals, involves a total spend of
Todd McNulty, CEO of Lyneer Staffing Solutions, expressed his enthusiasm about the expanded relationship: “At Lyneer, we deeply value our client partnerships and are thrilled to contribute to their growth by providing top-tier staffing solutions. This expansion is a testament to our team's dedication and our clients’ trust in us to meet their workforce needs efficiently and effectively.”
The partnership extension reinforces Lyneer's position in the food production sector and aligns with the company's strategic growth objectives.
Jeffrey Jagid, CEO of Atlantic International, commented on the significance of this development: “Our partnership approach is at the core of Atlantic International's business philosophy. We are excited about the continued growth in this market and remain committed to fostering long-term relationships that drive mutual success for our clients and our organization.”
This expanded collaboration showcases Lyneer Staffing Solutions' ability to adapt to client needs and industry demands, further solidifying its reputation as a trusted partner in workforce management.
About Atlantic International Corp.
Atlantic International Corp. (“Atlantic”) is a leading strategic staffing, outsourced services, and workforce solutions company executing a high-growth strategy. Through its principal operating subsidiary, Lyneer Investments LLC (“Lyneer”), Atlantic’s approximately 300 employees generated over
For more information about Lyneer Staffing Solutions please visit www.lyneer.com.
For more information about Atlantic International Corp., please visit www.atlantic-international.com.
Forward-Looking Statements & Safe Harbor Statement
With the exception of the historical information contained in this press release, the matters described herein, may contain “forward-looking statements” relating to the business of Atlantic, and its subsidiary company Lyneer. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations Contact
Kale Fein
kfein@atlantic-international.com
+1 (213) 915-6414
FAQ
What is the value of Atlantic International Corp's expanded partnership with the food production company?
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