Today, Keytone Dairy announced the signing of a contract with Theland for substantial opening orders of its private label whole and skim milk powder, bound for China. The opening orders total approximately $1.8m and will be delivered through the December 2021 quarter.
Further discussions are also taking place with Theland for an advanced stage with additional product lines to be manufactured by Keytone, offering further sales growth and additional volume.
The products will be manufactured at Keytone’s New Zealand facilities.
The agreement with Theland, a Chinese brand distributor with sales capabilities in more than 25 Chinese provinces and one of the largest importers of powdered and UHT milk products into China, further diversifies a growing and substantial client base across the Company and continues the strong growth trajectory of Keytone. Keytone expects regular and repeat orders from Theland while simultaneously growing the number of products it manufactures and supplies, given the advanced stage of current discussions.
Theland is majority owned by the Alibaba Group including Shanghai Yunfeng Xinchuang Investment Management Ltd, backed by Alibaba’s founder and Chairman Jack Ma, and Alibaba China Network Technology Co. The rest of the company is owned by management and the Pengxin Group.
Keytone’s CEO Danny Rotman commented, “The new contract win, significant opening order and the level of engagement with Theland for additional product lines is testament to the quality and commitment of the Keytone team and facilities in New Zealand. We have recently made an additional appointment to the sales team who has built on the fast growth trajectory of the business in a short period of time. The near-term pipeline in New Zealand is incredibly strong and the second half of FY22 is likely to eclipse prior growth aspirations set for the year.”