Synutra Receives PRC Government Approval for New Drying Facility in France
QINGDAO, China and ROCKVILLE, Md., April 12, 2013
QINGDAO, China and ROCKVILLE, Md., April 12, 2013 /PRNewswire/ -- Synutra
International, Inc. (NASDAQ: SYUT), ("Synutra" or the "Company"), which owns
subsidiaries in China that produce, market and sell nutritional products for
infants, children and adults, announced that it has received the required
approvals from China's National Development and Reform Commission (NDRC) and
its Ministry of Commerce (MC) for the construction of a new drying facility in
As originally announced on September 18, 2012, Synutra signed a long-term
industrial and commercial partnership agreement with Sodiaal, the leading
dairy cooperative in France, and its subsidiary, Euroserum, a world leader in
demineralized whey powders. Under this partnership agreement, Synutra will
build a new drying facility in Carhaix, France intended to manufacture
powdered milk and fat-enriched demineralized whey for the needs of the Synutra
group.With the approvals from the NDRC and MC, Synutra remains on schedule to
develop the new drying facility.
Mr. Liang Zhang, Chairman and CEO of Synutra, commented, "It is a very notable
achievement for Synutra to have received the required approvals for our French
project by the Chinese government and we look forward to moving ahead with the
development of this new drying facility. We are confident our industrial and
commercial partnership with Sodiaal and Euroserum can further increase
consumer confidence in Synutra brand products and strengthen our competitive
position as a leading dairy and nutritional product provider in China."
About Synutra International, Inc.
Synutra International, Inc. (Nasdaq: SYUT) is a leading infant formula company
in China. It principally produces, markets and sells its products through its
operating subsidiaries under the "Shengyuan" or "Synutra" name, together with
other complementary brands. It focuses on selling premium infant formula
products, which are supplemented by more affordable infant formulas targeting
the mass market as well as other nutritional products and ingredients. It
sells its products through an extensive nationwide sales and distribution
network covering all provinces and provincial-level municipalities in mainland
China. As of December 31, 2012, this network comprised over 660 independent
distributors and over 690 independent sub-distributors who sell Synutra
products in approximately 27,000 retail outlets.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 that are based on our
current expectations, assumptions, estimates and projections about Synutra
International, Inc. and its industry. All statements other than statements of
historical fact in this release are forward-looking statements. In some cases,
these forward-looking statements can be identified by words or phrases such as
"anticipate," "believe," "continue," "estimate," "expect," "intend," "is/are
likely to," "may," "plan," "should," "will," "aim," "potential," "continue,"
or other similar expressions. The forward-looking statements included in this
press release relate to, among others, Synutra's goals and strategies; its
future business development, financial condition and results of operations;
the expected growth of the nutritional products and infant formula markets in
China; market acceptance of Synutra's products; the safety and quality of
Synutra's products; Synutra's expectations regarding demand for its products;
Synutra's ability to stay abreast of market trends and technological advances;
competition in the infant formula industry in China; PRC governmental policies
and regulations relating to the nutritional products and infant formula
industries, and general economic and business conditions in China. These
forward-looking statements involve various risks and uncertainties. Although
Synutra believes that the expectations expressed in these forward-looking
statements are reasonable, these expectations may turn out to be incorrect.
Synutra's actual results could be materially different from the expectations.
Important risks and factors that could cause actual results to be materially
different from expectations are generally set forth in Synutra's filings with
the Securities and Exchange Commission. The forward-looking statements are
made as of the date of this press release. Synutra International, Inc.
undertakes no obligation to update any forward-looking statements to reflect
events or circumstances after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
SOURCE Synutra International, Inc.
Contact: Synutra International, Inc., Investor Relations Department,
email@example.com or 301-840-3881
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