LARGEST NOURIZ CHINA ORDER RECEIVED TO DATE
11 June 2020
• Keytone Dairy receives largest follow-on order from Nouriz to date for their Whole Milk and Skim Milk Powders
• Nouriz order of $1,391,000 for August production, substantially higher their most recent orders and significantly higher than initial customer provided forecasts Sydney and Melbourne, Australia and Christchurch, New Zealand -
Keytone Dairy Corporation Limited (ASX:KTD) (“Keytone” or the “Company”
is pleased to announce the receipt of a significant confirmed follow-on purchase order from Nouriz (Shanghai) Fine Food Co Ltd (“Nouriz”
for approximately $1,391,000. Nouriz, a related party of China Animal Husbandry Group, a China State Owned Enterprise, orders whole and skim milk powders under their Nouriz private label. Nouriz products are customised for Chinese consumers and are high-quality premium New Zealand foods and nutritional products for the whole family.
The Nouriz order is $1,391,000 being c.11.3x and c.1.6x greater than their first and second orders respectively. These orders will be manufactured in the Keytone New Zealand facilities through August 2020, being the second quarter of the 2021 financial year.
Keytone’s Chief Executive Officer, Danny Rotman, commented:
“These significant follow-on orders from strategic clients of the business are increasing in both frequency and size. With the New Zealand second manufacturing facility online, Keytone is well equipped to service these growing orders from Nouriz and other key strategic clients of the business and will continue to work closely with these clients, growing the product offering and volumes.”
The release of this announcement was authorised by the Non-Executive Chairman, Mr. Peter James, on behalf of the board.
Decent enough order, if they can pump through a few orders likes this, its good for cashflow.
(20min delay)