ENGLEWOOD CLIFFS, N.J., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Atlantic International Corp. ("Atlantic”) (OTC: ATLN), a leading provider of strategic staffing outsourced services and workforce solutions, today announced that its subsidiary Lyneer Staffing Solutions has agreed to a substantial extension of Lyneer's partnership with a premier food production company. This strategic collaboration, building on a long-term relationship with annual renewals, involves a total spend of $11 million with up to an additional 25% increase, which could bring the partnership value to approximately $13.75 million. The extension solidifies Lyneer's existing business and encompasses additional locations with the customer, representing an annual spend of $10 million. This expanded partnership marks a significant milestone in Lyneer's growth trajectory within the food production industry, reinforcing its position as a trusted workforce solutions provider.
Todd McNulty, CEO of Lyneer Staffing Solutions, expressed his enthusiasm about the expanded relationship: "At Lyneer, we deeply value our client partnerships and are thrilled to contribute to their growth by providing top-tier staffing solutions. This expansion is a testament to our team's dedication and our clients' trust in us to meet their workforce needs efficiently and effectively.”
The partnership extension reinforces Lyneer's position in the food production sector and aligns with the company's strategic growth objectives.
Jeffrey Jagid, CEO of Atlantic International, commented on the significance of this development: "Our partnership approach is at the core of Atlantic International's business philosophy. We are excited about the continued growth in this market and remain committed to fostering long-term relationships that drive mutual success for our clients and our organization.”
This expanded collaboration showcases Lyneer Staffing Solutions' ability to adapt to client needs and industry demands, further solidifying its reputation as a trusted partner in workforce management.
About Atlantic International Corp.
Atlantic International Corp. ("Atlantic”) is a leading strategic staffing, outsourced services, and workforce solutions company executing a high-growth strategy. Through its principal operating subsidiary, Lyneer Investments LLC ("Lyneer”), Atlantic's approximately 300 employees generated over $400 million in revenue (for the twelve months ending June 30, 2024). According to Staffing Industry Analysts, Atlantic is among the top 20 largest national staffing companies servicing the light industrial, commercial, professional, finance, direct placement, and managed service provider verticals. Atlantic provides its customers with complete HR solutions, operating 40 independent on-site and vendor-on-premises facilities and paying over 12,000 employees weekly.
For more information about Lyneer Staffing Solutions please visit www.lyneer.com.
For more information about Atlantic International Corp., please visit www.atlantic-international.com.
Forward-Looking Statements & Safe Harbor Statement
With the exception of the historical information contained in this press release, the matters described herein, may contain "forward-looking statements” relating to the business of Atlantic, and its subsidiary company Lyneer. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes,” "expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations Contact
Kale Fein
kfein@atlantic-international.com
+1 (213) 915-6414