LINYI, China, Feb. 13, 2014 /PRNewswire/ -- American
Lorain Corporation (NYSE MKT:
ALN) ("American Lorain" or the "Company"), an international
processed snack foods, convenience foods, and frozen foods company
based in the Shandong Province,
China, today announced that it has
acquired 51% share capital in Athena Group ("Athena"), a
France based prepared foods
manufacturer and distributor with a diversified product portfolio
including chestnuts, bean sprouts, as well as a variety of other
Asian imported food products, for an aggregate cash consideration
of €1,500,000, or approximately US$2,032,050.
The Athena Group was founded in 1968 and currently operates two
factories based in France and one
factory in Portugal. It is a
leading brand and one of the largest producer of canned chestnuts
and bean sprouts products in France. The France operation owns two highly automated
production lines which are considered Europe-leading in technology and capacity. The
Portuguese factory was established in 2013 and is located near
Portugal's main chestnut producing
region, which is essential to sufficient supply of raw materials
given the falling chestnut output in Europe in recent years.
Meanwhile, Athena is currently one of the largest suppliers of
Asian foods to French supermarket chains and has a variety of
imports such as coconut milk, noodle, soy sauce, and rice paper
from China, Thailand, Malaysia, etc.
After over 40 years of development, Athena's sales channel now
covers over 80% of the supermarket chains in France and besides sales generated under its
own brand, it is also a main supplier for private brand chestnut,
bean sprout and imported Asian food products for big supermarket
such as Carrefour and Auchan in France.
Mr. Si Chen, Chairman and CEO of American Lorain, commented: "We
are extremely pleased to announce to investors this acquisition in
France. American Lorain has been
giving increasing emphasis in recent years to building a stronger
international sales network and this acquisition marks the other
important step for American Lorain along with our sustained
marketing and operating efforts in Japan as well as domestic China. France
is in a central position in Europe's food supply as well as logistics, and
this acquisition will potentially enable American Lorain to achieve
a strategic command of the whole chestnut industry value chain in
Europe, yielding significant
synergy together with American Lorain's China operations. We will provide strong
support for raw material as well as procurement of Asian food
supplies in China, and will also
be able to take full advantage of Athena's existing sales channels
in Europe to supply not only
chestnuts but also other food products desired by the European
market. American Lorain and Athena will jointly work in this
strategic chance to develop new products with reduced cost in
Europe's chestnut and Asian foods
market, and strengthen its leading position in Europe."
About American Lorain Corporation
American Lorain Corporation's products include
chestnut products, convenience food products and frozen food
products. The Company sells its products to most provinces in
domestic China as well as numerous
export markets in Asia and
Europe. The Company operates
through its five direct and indirect subsidiaries and one leased
factory located in China. For further information about
American Lorain Corporation, please visit the Company's
website at http://www.americanlorain.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements"
that involve a number of risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and the
actual results and future events could differ materially from
management's current expectations. Such factors include, but are
not limited to, the Company's ability to obtain the necessary
financing to continue and expand operations, to market its products
in new markets and to offer products at competitive pricing, to
attract and retain management, and to integrate and maintain
technical information and management information systems, political
and economic factors in the PRC, compliance requirement of laws and
regulations of the PRC, the effects of currency policies and
fluctuations, general economic conditions and other factors
detailed from time to time in the Company's filings with the United
States Securities and Exchange Commission and other regulatory
authorities. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE American Lorain
Corporation