Petrone Worldwide Inc. (OTC: PFWI) is a food Service hospitality company with global operations. Besides undertaking third party logistics for overseas manufacturing companies attempting to sell their goods in North America, Petrone trades and markets products under its own proprietary name and acts as a supplier for a wide variation of companies to the hospitality trade.
Petrone is eager to bring the progressed supply chain used by the U.S. operators over here to Europe as well as distributing it to Asia and Africa. The company had decided to extend its food service disposables offering by obtaining Indian manufacturer of Food Service disposable aluminum products company, Transpower Component Pvt. Ltd in India over a share purchase agreement. This acquisition will allow Petrone to advance its disposables strategy through United States, Europe, South & Central America and further develop in the Indian market. Some of the company’s major customers include Amazon, Wal-Mart, and Dominos.
Not only does the company exports America’s hotel supply chain, they have also signed a strategic agreement to undertake “Just In Time” distribution to all Dewan & Sons India customers in North America. Dewan & Sons India is a manufacturer of Brassware, Copperware, galvanized & wrought iron, aluminum ware, stainless steel utensils, EPNS and EPSS for luxury brands and mass merchandisers in the United States. Currently the company has clients in North America consisting of: Walmart, Home Depot, Lowe’s, Costco Wholesale, Bj’s, Sam’s Club, Bed Bath& Beyond, Bath & Body Works, TJ-Maxx, Menards, FrontGate, Meijer, and Restoration Hardware.
“The value-added warehousing and distribution, dedicated contract carriage, domestic transportation management of PFWI coupled with JIT and lean inventory management will be a significant cost savings for Dewan” said Victor Petrone, CEO of Petrone. “The service includes Direct Store delivery of Dewans products to retail stores, thereby bypassing a retailer’s distribution center to increase inventory turns and reduce margins for Dewan.”