Iovate is an international strategic client in the health and wellness sector and Keytone has received opening orders in excess of $3,600,000.
The opening orders are to be manufactured and produced during the current quarter, with cash receipts due shortly thereafter. These orders represent 143% of Keytone’s total audited revenue of its FY19 year. These are initial orders for one of the world’s leading protein brands in the health and wellness sector for their private label speciality branded high protein products, which are destined for China.
Keytone said the strategic relationship with the client will continue to be developed to ensure repeat orders over the coming quarters are placed, and the volume of the business grown across multiple packaging formats and product ranges.
Keytone’s CEO, Danny Rotman, said, “The signing of this leading global protein brand in the international health and wellness sector with a such a significant opening order, in addition to the significant volume of the requirement validates the high growth nature of the Keytone business and our in-depth manufacturing capability and credentials.
“We are excited to continue to attract and work with leading clients in our sector. We look forward to acquiring new strategic clients as we continue our strong trajectory, whilst simultaneously growing the volume of work with our existing and loyal customers as well as the volume of our proprietary brands.”
The company confirmed the term of the contract is indefinite and the volumes to be manufactured are to be confirmed on an ongoing purchase order basis in line with client forecasts for China and Australia, which is typical of contracts in the industry.