CTB International Corp. Establishes European Logistics Center in the NetherlandsMILFORD, Ind., January 22, 2002 – CTB International Corp. (NASDAQ: CTBC) today announced the establishment of Chore-Time Europe B.V., a European logistics center, in Asten, the Netherlands, according to George Murdoch, executive vice president of CTB’s Milford-based international business unit.
The new logistics center was established through the purchase of a controlling interest in Veldmaster B.V., a master distributor in the Netherlands for the Milford-based international business unit. Chore-Time Europe B.V. will sell primarily Chore-Time’s products for raising poultry throughout Europe, the Middle East and in northern Africa. CTB will be closing its Chore-Time Brock B.V. facility in Deurne, the Netherlands, and transferring its operations to the new company. Chore-Time Europe B.V. also has a wholly-owned subsidiary near Poznan, Poland, which has now been designated Chore-Time Europe Sp. z.o.o. Financial terms of the transaction were not disclosed.
Chore-Time Europe B.V., which commences operation under the new name and management structure today, offers the company’s customers in that region improved facilities and enhanced capabilities for sales and service of Chore-Time products. Some anticipated customer advantages include faster delivery time, the ability to purchase in less-than-container-load quantities, euro-based pricing and payment terms, reduced import tariffs, and a Chore-Time package that will be completed with C.E.-approved parts and various other European components to make the entire package better suited to local needs.
CTB continues to focus on its strategy for growth, which includes expanding its global physical presence and extending its competitive advantage through accretive acquisitions and/or other beneficial business arrangements, as well as emerging as the best cost manufacturer in the industries it serves, emphasizing its product-driven focus, and enhancing its financial strength.
CTB International Corp. is a leading designer, manufacturer and marketer of systems for the poultry, hog, egg production, and grain industries. Celebrating its 50th anniversary this year, CTB operates from facilities in the U.S.A., Europe and Latin America as well as through a worldwide distribution network.
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In addition to historical information, this document contains certain statements representing the Company’s expectations or beliefs concerning future events. These statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a safe harbor for such statements. The use of words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "projects," "could," "may," "will" or similar expressions are intended to identify these statements. The forward-looking statements contained in this document include, without limitation, statements related to realization of anticipated benefits. They also involve certain risks and uncertainties regarding CTB International Corp.’s business and operations and the agriculture industry. The Company’s actual results could differ materially from those expressed or implied by such forward-looking statements. The Company cautions that these statements are further qualified by other important factors, including, but not limited to those set forth in the Company’s Form 10-K filing and its other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update this information.