Atlantic International Corp. Enters Up to $10 Million Workforce Agreement with Leading Industrial Distributor
Rhea-AI Summary
Atlantic International Corp. (Nasdaq: ATLN) announced that its subsidiary Lyneer Staffing Solutions has secured a strategic workforce agreement with a major North American industrial distributor serving multiple sectors. The agreement is valued at up to $10 million, split between $5 million in contract business and $5 million in direct hire spending.
The partnership enables Lyneer to provide comprehensive staffing solutions across more than 20 locations throughout the continental United States. The agreement covers both temporary and permanent placement services, focusing on serving the aerospace, defense, automotive, and medical sectors, strengthening Atlantic's position in industrial staffing.
Positive
- Secured new contract worth up to $10 million
- Geographic expansion across 20+ US locations
- Diversification into multiple industrial sectors
- Agreement includes both temporary and permanent staffing revenue streams
Negative
- Contract value is potential maximum, not guaranteed revenue
- Actual revenue generation timeline not specified
News Market Reaction
On the day this news was published, ATLN gained 9.33%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ENGLEWOOD CLIFFS, N.J., Feb. 10, 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 entered into a strategic workforce agreement with a major North American distributor serving the aerospace, defense, automotive, and medical sectors. The agreement, which is expected to generate up to
“We see significant growth potential in this agreement as it aligns with Atlantic International's strategy,” said Jeffrey Jagid, CEO of Atlantic International Corp. “Lyneer's workforce solutions expertise positions us to potentially capture a meaningful share of this client's staffing requirements.”
“This agreement presents an exciting opportunity to expand our workforce solutions footprint,” said Todd McNulty, Chief Executive Officer of Lyneer. “The potential to support contingent and direct hire staffing needs across multiple locations demonstrates our capability to serve as a key staffing provider.”
The agreement encompasses temporary and permanent placement services, strengthening Atlantic’s leadership position in the industrial staffing sector.
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
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
FAQ
What is the total value of Atlantic International's (ATLN) new workforce agreement?
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