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.
About Transpower
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:
- Supermarkets
- Restaurant
- 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
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