Pyxus International Inc (PYYX)

[Backstabbed]

$PYX NEWS and 8K released today

8K Filing: https://ih.advfn.com/stock-market/NYSE/pyxus-PYX/stock-news/81313556/current-report-filing-8-k#D774428DEX991_HTM

Alliance One International expands relationship with Philip Morris International Argentine affiliate

MORRISVILLE, N.C., Dec. 9, 2019 /PRNewswire/ -- Alliance One International, LLC (AOI), a Pyxus International company (NYSE: PYX), today announced that its Argentine subsidiary, Alliance One Tobacco Argentina (AOTA), will relocate its processing operations from its El Carril facility in the Salta province and begin processing at Philip Morris International's Argentine affiliate, effective for the 2020 crop. In addition, AOTA will reinforce its commercial relationship with Philip Morris through the supply of flue-cured Virginia and burley tobacco.

"AOI's expanded relationship with Philip Morris International and its local Argentine affiliate reflects the company's ongoing commitment to improve market share within the tobacco industry and is an example of how Pyxus is continuing to execute against its One Tomorrow transformation strategy," said Pieter Sikkel, Pyxus International President, CEO and Chairman. "Across our business, we continually evaluate our operations and the global trade environment to ensure we are best positioned to sustain long-term growth. The restructuring of AOI's Argentine operations will help to improve overall efficiency and strengthen price competitiveness."

As part of the restructuring, AOTA expects a workforce reduction. The company will be offering affected employees training courses in various trade industries and entrepreneurship.

"We recognize the impact that these changes will have on AOTA's employees, their families, and the El Carril community, and we are committed to helping those impacted as we restructure local operations," said Alex Strohschoen, President of AOI. "This change reflects our commitment to position our business for long-term success in Argentina. It will also help to enhance the sustainability of the Argentinian tobacco market due to anticipated increases in exports and improved competitiveness on the global market."

AOTA's Salta buying station in El Carril will remain operational, as will the company's packed products warehouses. AOTA will continue to contract with growers throughout the tobacco-growing provinces.

https://www.otcmarkets.com/stock/PYX/news/story?e&id=1493735