Weston, FL -- (ReleaseWire) -- 10/26/2016 --Petrone Worldwide, Inc. (OTC:PFWI), a leading distributor of commercial grade tabletop, guest & bathroom accessory solutions for the Asian and European marketplace announces today that it 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 PFWI'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., and America's and consolidate already established Indian market. "We evaluated many companies to determine an acquisition that would best fit 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 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 align 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 the US Market and multi-national customers," said Sanjay Magazine, Vice President Global Sourcing. "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; Vice President Business Development.
About Transpower Component (India) Pvt. Ltd.
Headquartered in Moradabad, India an industrial town 125 miles from New Delhi, capital of India. Transpower is a leading vertically integrated manufacturer of aluminum foil; a provider focused on delivering complete design, value added manufacturing services to the Food Service Industry in India. Transpower currently services the following sectors: hotel chains, supermarkets, restaurants, manufacturing, retail stores, wholesale and distribution.
About Petrone Worldwide, Inc. (OTC:PFWI)
Petrone Worldwide, Inc. (PFWI) has over twenty years of dedicated sales, marketing and product development expertise within the hospitality industry; selling products into worldwide markets acting as an import/export and master distributor for manufacturers. Today has evolved to be a distributor of commercial grade tabletop, guest & bathroom accessory solutions for The Asian and The European marketplace. Our exclusive brands include Front of the House, Room360 by FOH and Dewan products. Each manufacturer designs luxury products for the finest hotels, restaurants and retail worldwide; client hotel chains such as Marriott Hotel Brands, The Four Seasons Hotel & Resorts, Hilton Worldwide, Hyatt Hotels & Resorts and Starwood Hotel & Resorts.
For more information, please visit our website at www.petroneworldwide.com.
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov.
Victor Petrone, CEO
Source: Uptick Newswire