Alliance One and China Tobacco Finalize Joint Venture in Brazil
MORRISVILLE, N.C., March 31, 2014
MORRISVILLE, N.C., March 31, 2014 /PRNewswire/ --Alliance One International,
Inc. (NYSE: AOI) today announced that its Brazilian subsidiary Alliance One
Brasil Exportadora de Tabacos ("AOB") and China Tabaco Internacional do Brasil
("CTIB"), the Brazilian subsidiary of China Tobacco, completed the formation
of a new joint venture company, China Brasil Tobacos Exportadora SA ("CBT") in
Brazil on March 26, 2014. CBT has operated as an independent subsidiary of AOB
for the last two crops and currently contracts with 9,500 integrated growers.
The joint venture's administrative, buying and processing functions operate in
Alliance One´s facilities in Venancio Aires. The joint venture is owned 51% by
CTIB and 49% by AOB.
Pieter Sikkel, Alliance One's Chief Executive Officer and President,
commented, "We are honored that China Tobacco selected Alliance One for its
first international joint venture in the tobacco leaf supply segment. China
Tobacco is a highly valued partner, and we are pleased with our combined
efforts to grow CBT over the last two crops and see a very bright future.
China's cigarette market is the largest in the world, and our joint venture
has been established to provide high quality, sustainably grown Brazilian
tobacco to its cigarette manufacturing groups. Our partnership aligns Alliance
One's strategy of profitable growth with meeting customers' unique individual
requirements through our sustainable model."
Alliance One International is a leading independent leaf tobacco merchant
serving the world's cigarette manufacturers. For more information on Alliance
One, visit the Company's website at www.aointl.com.
SOURCE Alliance One International, Inc.
Contact: Joel L. Thomas, (919) 379-4300
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