Synutra International, Inc. Commences Construction of New Drying Facility in
QINGDAO, China and ROCKVILLE, Md., Jan. 14, 2014
QINGDAO, China and ROCKVILLE, Md., Jan. 14, 2014 /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 the commencement of construction of
its new drying facility in Carhaix, France (located in the department of
Finistere in the Brittany region). On January 10, 2014, the Company held a
ground-breaking ceremony in Carhaix, which was attended by distinguished
guests including Mr. Pierre Maille, President of General Council of Finistere,
Mr. WU Xilin, Minister-Counsellor of Economic and Commercial Affairs in
Chinese Embassy in France, and Mr. PAN Nuo, President of Bank of China Paris
As previously announced, under the partnership agreement between Synutra and
France's Sodiaal, the drying facility is intended to manufacture powdered milk
and fat-enriched demineralized whey for the needs of Synutra. Over the course
of 2013, Synutra received key regulatory approvals and construction permits
and the project also received the internal credit approval within Bank of
China for the construction period financing.The facility is designed to have
a total plant area of 200,000 square meters, a total construction area of
40,249 square meters, with production capacity of up to 100,000 tons annually.
The facility will comply with both EU and China's manufacturing standards and
will adopt world-class production and testing equipment, management
techniques, and strict EU standards for material selection, production, and
packaging, to ensure high quality and nutritional value for Synutra's
Mr. Liang Zhang, Chairman and CEO of Synutra, said, "The start of construction
of our new drying facility launches the implementation phase of this project.
When completed, the facility will secure a long-term, stable supply of raw
material imported from France, further solidifying Synutra as a quality and
trusted brand. With advanced production equipment and our French partner's
world-leading managerial expertise in the dairy industry, Synutra will have
greater capacity to provide safe and nutritious formula to more infants in
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 September 30, 2013, this network comprised over 710 independent
distributors and over 700 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,
particularly the progress on the new drying facility project in France; 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,
firstname.lastname@example.org or 646-328-2552
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