ENGLEWOOD CLIFFS, N.J. - Atlantic International Corp. (NASDAQ:ATLN), a major player in strategic staffing and workforce solutions generating over $429 million in trailing twelve-month revenue, has announced that its subsidiary, Lyneer Staffing Solutions, has secured a substantial $2 million contract to provide temporary workforce services to a key food manufacturer in central Pennsylvania. According to InvestingPro data, the company is currently trading near its Fair Value despite a recent 22% decline in share price over the past week. The contract, which began in January 2025, also presents the opportunity for Lyneer to potentially increase its revenue by over $20 million through national expansion within the next 12 to 24 months.
The deal marks a significant step for Lyneer, establishing it as a primary provider for the Pennsylvania operations of the unnamed food manufacturer, with prospects to extend services across the United States. Todd McNulty, CEO of Lyneer, expressed the contract as a validation of the company's dedication to offering superior workforce solutions, noting Lyneer's expertise in the food manufacturing sector and its comprehensive national infrastructure as key factors in securing the contract.
Jeffrey Jagid, CEO of Atlantic International Corp., highlighted the strategic importance of the contract win for Lyneer within the Atlantic portfolio, mentioning that the potential national expansion is in line with the company's growth objectives and solidifies its leadership position in the staffing industry.
The collaboration is expected to enhance the manufacturer's operational efficiency by utilizing Lyneer's industry knowledge, extensive recruitment network, and tailored workforce strategies. Discussions on national expansion will concentrate on providing scalable and cost-effective staffing solutions.
Atlantic International Corp., through Lyneer and other subsidiaries, operates 40 on-site and vendor-on-premises facilities and pays over 12,000 employees weekly. It is recognized as one of the top 20 largest national staffing companies by Staffing Industry Analysts, with around 300 employees generating over $400 million in revenue for the twelve months ending September 30, 2024. InvestingPro analysis reveals the company maintains a FAIR overall financial health score of 2.41, though it operates with relatively thin gross profit margins of 10.8%. Subscribers can access 7 additional ProTips and comprehensive financial metrics for deeper insights into ATLN's performance.
This news is based on a press release statement and should be considered in light of the fact that forward-looking statements involve known and unknown risks and uncertainties. The company's actual results may differ from those projected due to various factors, including those discussed in the company's periodic reports filed with the Securities and Exchange Commission.
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