Pyxus International Announces Update On Tanzania Sunflower Oil Production
MORRISVILLE, N.C., Nov. 7, 2019 /CNW/ -- Pyxus International, Inc. (NYSE: PYX), a global value-added agricultural company, is pleased to announce that the Tanzania Bureau of Standards has certified that the company's Pyxus Agriculture Tanzania subsidiary is in compliance with national safety and quality standards. Based in Dodoma, Tanzania, Pyxus Agriculture Tanzania is a manufacturer of responsibly produced edible sunflower oil.
"We have worked hard to create a manufacturing facility in line with global best practices and we are pleased that our efforts to achieve high safety and quality standards have been recognized by the Tanzania Bureau of Standards," said Jose Maria Costa, Executive Vice President of Pyxus International's Value-Added Agricultural Products division. "With this certificate, we can now begin to move forward selling edible sunflower oil that businesses and consumers can trust."
The company expects to begin commercial sunflower oil production in late calendar 2019 and anticipates producing up to 2,550,600 liters of oil in its first full year of operation.
"The continued development of our Tanzanian sunflower oil operations is another example of how Pyxus is continuing to execute against our One Tomorrow transformation strategy and diversify into multiple agricultural products and services," said Pieter Sikkel, President, CEO and Chairman of Pyxus International. "We are pleased to be able to further support the Tanzanian farmer base by bringing value-added processes to the local market that will drive crop diversification into a growing consumer industry with significant local and regional opportunities."
Pyxus Agriculture Tanzania expects to have its own branded products on the market by the end of fiscal 2021.
About Pyxus International Inc.
Pyxus International Inc. (NYSE:PYX) is a global agricultural company with 145 years' experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people's lives, so that together we can grow a better world—Pyxus International, its subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients. For more information, visit www.pyxus.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about future operating results, plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results may differ materially from those currently anticipated expected or projected. The following factors, among others, could cause actual results to differ from those expressed or implied by the forward-looking statements: changes in laws and regulations or the interpretation of laws and regulations, continued compliance with applicable regulatory requirements, uncertainties with respect to achieving anticipated production volumes (including encountering unforeseen issues as production is scaled up), uncertainties with respect to the timing of the commencement of production activities. Additional factors that could cause results to differ materially from those expressed or implied by forward-looking statements can be found in Pyxus's most recent Annual Report on Form 10-K for the period ended March 31, 2018 and its other filings with the Securities and Exchange Commission (the "SEC") which are available at the SEC's Internet site (http://www.sec.gov).
SOURCE Pyxus International, Inc.
Joel Thomas, (919) 379-4300, http://www.pyxus.com
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