QINGDAO, China and ROCKVILLE, Md., April 8, 2014 /PRNewswire/ -- Synutra International, Inc. (NASDAQ: SYUT), ("Synutra" or the "Company"), which owns subsidiaries in China that produce, distribute, and sell nutritional products for infants, children, and adults, announced that Synutra Chairman and CEO Liang Zhang, as a member of a delegation comprised of China's business executives and entrepreneurs, recently accompanied the state visit of Chinese President Xi Jinping to France, and participated in the Sino-French Trade and Investment Forum held on March 27, 2014, which was the concluding event of President Xi's three-day visit.
Throughout the visit, Synutra was featured in multiple local media articles due to its cooperation with its French partner Sodiaal in developing a drying facility in Carhaix, France, and cited as an example of strengthened business collaboration and economic ties between China and France. This drying facility is the largest foreign-invested project in the infant formula powder sector in France. As Synutra has previously announced, this drying facility commenced construction at the beginning of 2014 and once complete, is intended to manufacture powdered milk and fat-enriched demineralized whey. Synutra signed its agreement with Sodiaal at the Sino-French Trade and Investment Forum in Beijing in 2013, under the witness of state leaders and business officials from both countries.
Mr. Liang Zhang, Chairman and CEO of Synutra said, "We are pleased to be part of the trade delegation that can help foster greater economic ties between both China and France. Our new facility in France is an important project for Synutra and, once complete, will significantly reduce our vertically integrated production costs, adopt world class manufacturing techniques and ensure the highest quality and nutritional value for our products."
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, 2013, this network comprised over 670 independent distributors and over 620 independent sub-distributors who sell Synutra products in approximately 28,000 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.
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SOURCE Synutra International, Inc.