Atlantic's subsidiary Lyneer wins a $2 million contract for temporary workforce services with a Pennsylvania food manufacturer.
Quiver AI Summary
Atlantic International Corp.'s subsidiary, Lyneer Staffing Solutions, has secured a $2 million annual contract to provide temporary workforce services to a major food manufacturer in central Pennsylvania, with potential for expansion that could generate over $20 million in additional revenue within 12 to 24 months. This contract establishes Lyneer as a crucial staffing partner for the manufacturer and offers opportunities for service expansion to other facilities nationwide. Todd McNulty, CEO of Lyneer, emphasized the significance of this milestone and the company's capability to deliver tailored workforce solutions, while Atlantic's CEO, Jeffrey Jagid, highlighted the strategic importance of this contract in supporting their growth objectives. The partnership aims to enhance operational efficiency and is set to implement national expansion discussions throughout 2025.
Potential Positives
- Lyneer Staffing Solutions has been awarded a significant $2 million annual contract to provide temporary workforce services to a central Pennsylvania food manufacturer, highlighting the company's strong position in the staffing industry.
- The contract includes potential national expansion, which could generate an estimated $20+ million in additional revenue over the next 12 to 24 months, signaling considerable growth opportunities for Atlantic International Corp.
- This agreement enhances Atlantic's reputation and operational reach in the food manufacturing sector, positioning it for further strategic partnerships and revenue streams nationwide.
Potential Negatives
- The press release prominently features forward-looking statements, which include cautions about known and unknown risks and uncertainties that could lead to actual results differing materially from expectations, potentially undermining investor confidence.
- Despite the positive news of a significant contract win, the reliance on one primary contract for growth could indicate vulnerability; a single contract's performance may not be a reliable indicator for long-term success.
- The mention of "potential for national expansion" suggests that there is no guarantee of future contracts or revenue growth, which may raise concerns about sustainability in the company's revenue streams.
FAQ
What is the recent contract awarded to Lyneer Staffing Solutions?
Lyneer has been awarded a $2 million annual contract to provide temporary workforce services to a central Pennsylvania food manufacturer.
How much additional revenue could the contract generate?
The contract includes potential national expansion, estimating over $20 million in additional revenue within the next 12 to 24 months.
What significance does this contract hold for Lyneer?
This contract is a major milestone for Lyneer, showcasing its commitment to exceptional workforce solutions in the food manufacturing sector.
Who is leading Atlantic International Corp.?
Jeffrey Jagid is the CEO of Atlantic International Corp., which oversees Lyneer Staffing Solutions.
What services does Atlantic International Corp. provide?
Atlantic provides strategic staffing, outsourced services, and workforce solutions across various industries, emphasizing HR solutions and operational efficiency.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ATLN Insider Trading Activity
$ATLN insiders have traded $ATLN stock on the open market 8 times in the past 6 months. Of those trades, 8 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $ATLN stock by insiders over the last 6 months:
- MICHAEL TENORE (General Counsel) purchased 577,171 shares.
- CHRISTOPHER BRODERICK (Chief Financial Officer) purchased 577,171 shares.
- JEFFREY M JAGID (Chief Executive Officer) purchased 2,885,856 shares.
- DANIEL ROBERT JONES (Former CEO) has traded it 4 times. They made 4 purchases, buying 3,790 shares and 0 sales.
- PRATEEK GATTANI purchased 1,300,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
Full Release
ENGLEWOOD CLIFFS, N.J., Jan. 14, 2025 (GLOBE NEWSWIRE) -- Atlantic International Corp. (“Atlantic”) (Nasdaq: ATLN), a leading provider of strategic staffing, outsourced services and workforce solutions, today announced that its subsidiary Lyneer Staffing Solutions (“Lyneer”) has been awarded a significant contract to provide temporary workforce services to a prominent central Pennsylvania food manufacturer. The initial contract, valued at $2 million in annual spending, also includes the potential for national expansion to generate an estimated $20+ million in additional revenue over the next 12 to 24 months.
The agreement positions Lyneer as a key workforce solutions provider for the manufacturer's Pennsylvania operations, with opportunities to expand services to additional facilities across the United States.
"This contract represents a major milestone for Lyneer and validates our commitment to delivering exceptional workforce solutions," said Todd McNulty, CEO of Lyneer. "Our proven track record in the food manufacturing sector, combined with our robust national infrastructure, makes us uniquely qualified to support our client's current needs while positioning us for significant growth as we expand our partnership nationwide."
Jeffrey Jagid, CEO of Atlantic International Corp., added, "This contract win demonstrates the strategic value of Lyneer within the Atlantic International portfolio. The potential for national expansion aligns perfectly with our growth objectives and reinforces our position as a leader in the staffing industry."
The partnership will enhance the manufacturer's operational efficiency while leveraging Lyneer's industry expertise, robust recruitment network, and customized workforce strategies. The national expansion discussions will focus on delivering additional value through scalable, cost-effective staffing solutions.
The contract commenced in January 2025, with national expansion opportunities expected to be implemented throughout the year.
About Atlantic International Corp.
Atlantic International Corp. (“Atlantic”) (Nasdaq: ATLN) 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 provides its customers with complete HR solutions, operating 40 independent on-site and vendor-on-premises facilities and paying over 12,000 employees weekly. 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’s approximately 300 employees generated over $400 million in revenue for the twelve months ended September 30, 2024.
For more information about Atlantic International Corp., please visit www.atlantic-international.com.
For more information about Lyneer Staffing Solutions please visit www.lyneer.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
Atlantic IR
kfein@atlantic-international.com
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