Atlantic subsidiary Lyneer expands partnership with food producer

NEW JERSEY - Atlantic International Corp. (NASDAQ:ATLN), a staffing services provider with a market capitalization of $240.7 million, announced Monday that its subsidiary Lyneer Staffing Solutions has renewed its partnership with a major food production company, securing an expanded share of the client’s staffing business.

The client has consolidated its staffing partnerships from three providers to two, with Lyneer being selected as one of the preferred vendors. This consolidation is expected to increase Lyneer’s annual revenue from this account from $9.5 million to approximately $12 million, representing a potential 26% increase. According to InvestingPro data, the company has maintained a revenue growth rate of 5.68% over the last twelve months, though operating with modest gross profit margins of 10.79%.

"This renewal and market share expansion validates our commitment to excellence and our ability to scale alongside our clients’ evolving needs," said Todd McNulty, CEO of Lyneer Staffing Solutions, in a press release statement.

The partnership, first announced in October 2024, serves a client with a total annual staffing spend of $23 million. The consolidation aims to streamline vendor management and enhance communication efficiency for the client.

Jeffrey Jagid, CEO of Atlantic International, noted that the renewed partnership demonstrates the company’s approach of building long-term client relationships that benefit both parties.

Atlantic International, through its Lyneer subsidiary, provides staffing services across multiple industries, with particular focus on food production, manufacturing, and logistics sectors.

The company stated that this development aligns with its strategic objectives of growth through deepened client relationships and market leadership in key industry verticals.

In other recent news, Atlantic International Corp. announced that its subsidiary, Lyneer Staffing Solutions, has secured a significant contract worth up to $17 million. This contract, spanning the next 12 months, involves providing staffing services for a global e-commerce logistics company. The agreement includes temporary staffing during peak demand periods and direct-hire placements for permanent roles across multiple states. Additionally, Atlantic International has decided to postpone its Annual General Meeting, which was initially set for July 15, 2025. The company has yet to announce a new date for the meeting and did not specify a reason for the delay. These developments reflect the company’s ongoing activities and adjustments in its operational plans.

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