Alliance Select Posts 65% Rise in Net Revenues for 9M2023

November 9, 2023

Alliance Select Foods International Inc. (“ASFII” or the “Company,” PSE: FOOD) reported consolidated net revenues of USD 39 million for the first nine months of the year, higher by 65% over the same period last year. The sustained growth in gross revenues was largely due to higher selling prices and better sales of export tuna products. This partially offset the high cost of goods sold, which was mostly brought on by rising fish prices and input costs.

Marketing and administrative expenses have gone up in lockstep with production growth. However, finance costs have increased due to the high interest rate environment, while forex losses came from the impact of currency translation.
As a result, the company posted a consolidated net loss of USD 867 thousand in the first nine months, slightly higher than the USD 593 thousand net loss in the comparable period last year. However, Q4 projections are showing favorable trends for the business.

ASFII President and CEO Jeoffrey P. Yulo said, “The improved productivity that is supporting our top-line growth gives us the right momentum. We are certain that the several projects we have in place will contribute to addressing the persistent market and economic issues. The execution of our operational and marketing strategy projects will remain our top priority.”

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Alliance Select Reports USD 26 Million in Net Revenues for 1H2023

August 14, 2023

Alliance Select Foods International Inc. (“ASFII” or the “Company,” PSE: FOOD) posted consolidated net revenues of USD 26 million for the first six months of the year, a double digit increase over the same period last year. This was due to higher selling prices and increased sales to European and Asian customers.

Gross profit increased 33% year-on-year to USD1.7 million, tempered by rising input costs and other supply chain issues. Earnings before interest, taxes, depreciation, and amortization (EBITDA) remained stable at USD 0.3 million.

The company reported a consolidated net loss of USD 574 thousand in the first semester, better than the USD 620 thousand net loss in the comparable period last year. Higher finance costs and the impact of currency translation reduced the bottom line.

ASFII President and CEO Jeoffrey P. Yulo said, “We are pleased by the increased production efficiency that is helping our top-line growth. Despite the ongoing market and economic concerns, we are optimistic that the various projects we have in place will help to address them. We will continue to prioritize the implementation of our operational and marketing strategy initiatives

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2023 Annual Stockholders’ Meeting

15 June 2023

MANILA, PHILIPPINES – At the Company’s Annual Stockholders’ Meeting held virtually today, Alliance Select Foods International, Inc. (“ASFII” or the “Company”; PSE: FOOD) President and CEO Jeoffrey P. Yulo reported that the Company’s volume grew by 14% and revenue by 6% compared to 2021. The growth was driven by sales generated with new and revived old customers. There was a marked increase in the volume of pouched tuna exported to Europe and Japan, as well as an expanded customer base for frozen loins, fishmeal and fish oil products.

The Company’s increased production volume led to a 14% improvement in plant utilization, while better cost management lowered expenses by 19%, and labor cost by 20%.

The group’s administrative expenses improved by 39% or by US$2.2mn, while finance costs improved by 46% or by US$0.3mn from 2021, as the Company tightened controls and pre-terminated higher-interest loans.

Group net revenues of US$34.6 mn decreased by 15% last year, due to the November 2021 sale of its former New Zealand subsidiary Akaroa. Without the one-time Akaroa transaction, 2022 revenue actually improved by 5.1% or by US$ 1.7 Million from 2021.

Q1 2023 performance is well positioned for a turn-around. However, poor tuna catch and the resulting global upsurge in fish prices reduced the Company’s margins.

“We are expanding our customer base, generating new income streams and steadily improving our manufacturing process,” said Yulo who anticipates a better fish supply and lower raw material price in H2 2023. “We will continue to build on the momentum of last year’s H2 growth.”

Alliance Select Foods International Inc. is a publicly listed seafood company engaged in tuna processing serving over 30 countries worldwide.

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Alliance Select Net Revenues More Than Double in 1Q23

May 15, 2023

Alliance Select Foods International Inc. (“ASFII” or the “Company,” PSE: FOOD) posted consolidated net revenues of USD 13.7 million in the first quarter of 2023, more than double the USD 6.4 million recorded during the same period last year. The performance of tuna export product lines has improved amid a decline in sea freight rates.

Higher revenues partially offset the increase in raw material costs, resulting in a 65% year-on-year growth in gross profit to USD 847 thousand with a gross profit margin of 5.1%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) remained resilient at USD 121 thousand for the quarter.

The company posted a consolidated net loss of USD 244 thousand during the first quarter of the year, significantly lower than the USD 394 thousand net loss in the comparable period last year. Due to the high interest rate environment, finance costs have increased, while selling and administrative expenses have climbed in tandem with the growth in production.

ASFII President and CEO Jeoffrey P. Yulo said, “Our first-quarter results showed positive growth momentum. We anticipate continued strong demand for tuna products in overseas markets. Despite the challenges presented by the rise in inflation, we will continue to enhance our operational efficiency and marketing strategy in order to achieve higher growth this year.”

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ALLIANCE SELECT FOODS INTERNATIONAL, INC.

Press Release

April 18, 2023

COURT OF APPEALS DISMISSES CASE AGAINST ALLIANCE SELECT;  PETITIONERS GUILTY OF FORUM SHOPPING

The Court of Appeals (“CA”) upheld the dismissal of a civil complaint filed in 2015 by minority shareholders of Alliance Select Foods International, Inc. (“ASFII; PSE: FOOD”) finding, among others, that the minority shareholders had committed forum shopping.

In a March 28, 2023 Decision, the CA’s Thirteenth Division upheld the February 20, 2020 Omnibus Order of dismissal issued by the Regional Trial Court of Pasig City, Branch 265 (“RTC”) in Commercial Case No. 15-234 (the “2015 Civil Case”).

The case was filed on July 31, 2015 by Harvest All Investment Limited, Victory Fund Limited, Bond East Private Limited, Estate of Albert Hong His Kay, as minority shareholders of ASFII and by Hedy S. C. Yap-Chua, as then-ASFII Director and shareholder (collectively, the “Hedy Group”).

The complaint (which was amended on August 2015) sought to enjoin ASFII and the majority of its then-Board of Directors and Corporate Secretary, from implementing and carrying out a Stock Rights Offering (“SRO”) prior to and as a condition for the holding of ASFII’s 2015 Annual Shareholders’ Meeting.

The SRO had been approved via a Board Resolution in a special meeting of the ASFII Board of Directors on February 17, 2015 (the “February 2015 Resolution”) and was completed on October 28, 2015.

FORUM SHOPPING AND MOOTNESS; PREVIOUS CASE FILED

The CA affirmed the RTC’s dismissal, finding that the Hedy Group had filed a previous case seeking similar relief. Under the Rules of Court, willful and deliberate forum shopping is a ground for the summary dismissal of the case.  The CA ruled that: “Clearly, in both the [2015 Civil Case] and the [Derivative Suit], Petitioners sought the nullity of the February 17, 2015 Resolution. Petitioners’ filing of an Amended Complaint which deletes the prayer for the nullification of the February 17, 2015 Resolution will not erase the fact the Petitioners already committed forum shopping.”

The previous case was a derivative suit filed by the complainants on March 30, 2015, seeking the nullification of the February 2015 Resolution approving the Stock Rights Offering (the “Derivative Suit”).

The CA also confirmed that the issue of the validity of ASFII’s 2015 Annual Stockholders’ Meeting is moot and academic since: (a) the Stock Rights Offering was already completed; and (b) the Annual Stockholders Meetings for 2015, 2016 and 2017 had already been held.

2020 SEC CASE 

In 2020, another case seeking similar reliefs was filed by the Hedy Group, this time with the Securities and Exchange Commission -Market Securities Regulation Department (the “SEC-MSRD”). The SEC-MSRD ruled in favor of ASFII, also on the grounds of forum shopping and prescription of action, since the SEC case was filed beyond the prescriptive period under the Securities Regulation Code. Late last year, on appeal to the SEC En Banc, this decision was reversed. ASFII contested the reversal via a Petition for Review with the Court of Appeals, where the case is now pending.

The Company believes the SEC case is another instance of forum shopping by the minority shareholders. ASFII expects the Court of Appeals to rule in its favor and put an end to the slew of similar cases filed by the Hedy Group.

Alliance Select Foods International Inc. is a publicly listed seafood company engaged in tuna processing serving over 30 countries worldwide.

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April 17, 2023

Alliance Select Posts USD35 Million in Net Revenues for FY2022

Homegrown seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”; PSE: FOOD) reported consolidated net revenues of USD35 million for the full-year 2022 versus USD41 million in 2021. Excluding the contribution of former subsidiary Akaroa, which was divested in November 2021, net revenues increased 5.1% year-on-year. The recovery in export demand has supported volume growth across major product lines.

The improvement in the production plant utilization rate has reduced the cost of goods sold by 12% year-on-year to USD31 million. Gross profit, excluding Akaroa’s contribution in 2021, rose 18% YoY to USD 3.1 million.

Selling and general administrative expenses fell 39% YoY as ASFII continues to implement cost-saving initiatives. Interest costs also declined by 46% YoY.

ASFII posted a consolidated net loss before tax of USD0.5 million for the full year of 2022, lower than the USD0.6 million net loss in 2021.  Net loss after tax of USD3.5 million full-year 2022 is higher than the net loss of USD1.1 million in 2021, due to the derecognition of deferred tax assets pertaining to allowance for impairment losses from other receivables and idle assets.

ASFII President and Chief Executive Officer Jeoffrey P. Yulo said, “We are pleased with the gains in our operating efficiencies and the sequential improvement in our topline growth. Nonetheless, we aim to implement more strategic initiatives to support the growth trajectory of the company amid the challenges of rising inflation.”

Alliance Select Foods International Inc. is a publicly listed seafood company engaged in tuna processing serving over 30 countries worldwide.

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March 02, 2023

Alliance Select Opposes Motion for Execution; Claims SEC Has No Authority to Nullify Contracts

Alliance Select Foods International, Inc. filed its opposition to the motion for a writ of execution filed by the Company’s minority shareholders, Hedy Yap-Chua, Harvest All Investment Limited, Victory Fund Limited and Bondeast Private Limited.

The Company said the motion has no merit in law and in fact.  Both the legality of the decision sought to be executed and the authority of the SEC to issue the same are being questioned in the Court of Appeals. The Company believes the Court of Appeals will uphold the undisputed and long-standing rule that the power to nullify contracts is a judicial power not vested in an administrative agency like the SEC.

The Company said that this SEC case is part of a string of cases filed by shareholders who refused to participate in the share offerings.  As a result of such non-participation, they were diluted, and lost their representation in the board.  The Company noted that the so-called minority shareholders were formerly significant shareholders of the Company long before the entry of the current controlling shareholders.

In a disclosure to the Philippine Stock Exchange, Atty. Phoebe Ann Bayona, Alliance Select’s Compliance Officer and Assistant Corporate Secretary said: “Considering that the Petition for Review is still pending with the Court of Appeals, the Decision therefore is not final and executory. Thus, at this time, the Motion has no effect on the Company’s business, financial condition, ownership structure and capital structure.”

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January 6, 2023

Alliance Select:  Business as Usual

In the wake of a SEC Decision received on January 5, 2023 annulling the 2014 and 2015 share acquisitions of Alliance Select Foods International, Inc.’s majority shareholder, the Company, in a disclosure to the Philippine Stock Exchange, stated: “The Decision has no effect on the Company’s business, financial condition, ownership structure and capital structure until it becomes final, executory, and fully implemented. The Company shall exhaust all available legal remedies including filing a Petition for Review with the Court of Appeals.”

The SEC En Banc reversed the ruling of the SEC’s Markets and Securities Regulation Department (MSRD) on a November 2, 2020 Complaint filed by the Company’s minority shareholders Hedy S. C. Yap-Chua, Harvest All Investment Limited, Victory Fund Limited and Bondeast Private Limited.  The En Banc ruled as void the subscriptions to the Company’s shares acquired by Strongoak, Inc. on a 2014 private placement and a 2015 Stock Rights Offer, because these supposedly violated Section 19 of the Securities Regulation Code.

Alliance posted net income of USD3.0 thousand in the third quarter of 2022 on the back of higher plant utilization rate and better sales mix.  EBIT for the quarter increased by 86% compared to the same quarter in 2021.

Alliance President and CEO Jeoffrey P. Yulo said, “We remain focused and driven to continue building on the momentum of our improved performance from Q3 2022. This development neither dampens our spirits nor alters our plans for Alliance Select. It’s business as usual.”

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November 14, 2022

Alliance Select Reports Net Earnings in 3Q 2022

Alliance Select Foods International Inc. (“ASFII” or the “Company,” PSE: FOOD) posted net income of USD3.0 thousand in the third quarter of 2022 on the back of higher plant utilization rate and better sales mix. EBIT for the quarter increased by 86% compared to the same quarter last year.

Consolidated revenues for the first nine months of the year amounted to USD24 million versus USD31 million in the comparable period last year. EBITDA remained positive at USD0.32 million, while gross profit reached USD2.1 million. Excluding the contribution of former subsidiary Akaroa, which was divested in November 2021, gross profit would have increased by 28%.

The Company’s cost-saving initiatives have resulted in a 33% YoY drop in selling and administrative expenses. Interest expenses were also down by 36% on lower interest-bearing liabilities.

ASFII President and CEO Jeoffrey P. Yulo said, “Our third quarter performance showed sequential improvement in our operating income, driven by better operating efficiency and cost management. Amid the challenges of rising inflation across the globe, we will continue to focus on improving our production efficiency and marketing strategy, which should allow us for better growth in 2023.”

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15 June 2022

ASFI BOARD ELECTS NEW CEO AND CHAIRMAN

The Board of Directors of Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE:FOOD) is pleased to announce the appointment of Mr. Jeoffrey P. Yulo  as President and Chief Executive Officer and the appointment of Mr. Lorenzo S. Lichauco as Chairman of the Board of Directors. 

Mr. Yulo is an overall strategic business leader with strong competence in customer management including distributorship, key accounts, strategic marketing and brand management. He has handled roles in manufacturing, supply chain, financial planning and quality assurance. He has extensive experience working locally and internationally and held senior leadership roles in Unilever, Reckitt Benckiser, GSK, Coca-Cola Femsa. Before joining the Company, he was Chief Operating Officer in Goldilocks Bakeshop Incorporated where he led the overall strategy of the company and successfully sustained the business despite the challenges of the pandemic.

Mr. Lichauco has extensive experience in securities brokerage. He was President of Maybank ATR Kim Eng Securities from 2016 to 2018 and has worked for several stock brokerage firms such as Philippine Equity Partners, Inc., HSBC Securities, (Philippines), Inc., Credit Lyonnais Securities (SE Asia) LTD., Crosby-UBP Securities (Phil.) Inc., Peregrine Securities Philippines Inc., and Merrill Lynch Philippines, Inc.

“I look forward to working with the new leadership in the Company. Their combined experience and expertise are best suited to achieve profitability and stability in the business for the benefit of the Company’s stakeholders,” said Mr. Domingo Go, independent director.

 

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15 June 2022

2022 ANNUAL STOCKHOLDERS’ MEETING

MANILA, PHILIPPINES – In the Company’s Annual Stockholders’ Meeting held today virtually, Alliance Select Foods International, Inc. (“ASFII” or the “Company”; PSE: FOOD). Treasurer Ma. Carolyn C. Angeles reported the Company’s full year 2021 and first quarter 2022 net revenues of USD40.8 million and USD6.4 million, respectively.

In 2021, ASFII also sold its eighty percent (80%) stake in Akaroa, a company incorporated and domiciled in New Zealand. Proceeds from the sale was used to pay down debts. The sale is consistent with the Company’s long-term objective to focus on its Philippine operations.

Export demand has been primarily weak due to the continued rise in freight costs amid the lack of shipping containers and temporary closure of ports. To partially cushion the impact, ASFII implemented cost-reduction measures to lower cost of goods sold and general administrative expenses. The Company also reduced debt level, resulting in a significant drop in interest expense. ASFII posted net losses of USD1.1 million in 2021 and USD394 thousand in 1Q22.

Treasurer Ma. Carolyn C. Angeles said, “Amidst the challenging environment, the Company will continue to implement new strategies to improve growth. Likewise, the capital investments made for automation and equipment upgrade should translate to more productivity and efficiency gains in the medium term.” 

 

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16 May 2022

Resignation of President and CEO

Raymond K.H. See tendered his resignation to the Board of Directors of Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE:FOOD) as President and CEO, which will take effect on June 15, 2022. The Board expects to make an official announcement on the successor of Mr. See no later than June 15, 2022. Mr. See was Senior Vice President of ASFI in 2014 and was subsequently elected to the Board of Directors and appointed President and CEO in the same year.

Atty. Antonio Pacis, Chairman of the Board of Directors said, “On behalf of the Board, I want to thank Raymond for his many years of service to the Company. Under his leadership, the Company was able to improve manufacturing efficiencies, diversify product lines and expand international business. We wish him success in his future endeavors.” 

 

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16 May 2022

Alliance Select Posts USD6.4 Million in Net Revenues for 1Q2022

Homegrown seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE:FOOD) reported consolidated net revenues of USD6.4 million for the first quarter of 2022 versus USD8.6 million in the comparable period last year. Gross profit reached USD0.5 million with an equivalent gross profit margin of 7.9%.

Weak export demand has continued on rising freight costs largely due to the temporary closure of ports and lack of shipping containers. To mitigate the lower sales volume, the Company implemented cost-saving measures to reduce the cost of goods sold and lower selling and administrative expenses, which fell 24% and 28%, respectively. The Company has also reduced debt level significantly resulting in a 39% year-on-year drop in interest expense.

ASFII posted a consolidated net loss of USD394 thousand during the first quarter of 2022, lower than the USD506 thousand net loss in the same quarter last year.

ASFII Chief Executive Officer Raymond K.H. See said, “2021 has been quite challenging amid the pandemic and the continued rise in raw materials and shipping costs. Nevertheless, we will continue to implement new marketing initiatives for better topline growth alongside our cost-saving plans.”

In 2021, the Company reported lower net revenues of USD 40.8 million, down 35% year-on-year. Consolidated net loss was trimmed to USD 1.1 million from net losses of USD8.6 million in 2020.

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19 November 2021

Alliance Select Focuses on Philippine Operations with Sale of New Zealand Subsidiary

During its special meeting held on November 19, 2021, the Board of Directors of Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE: FOOD) has approved the sale of its farmed salmon subsidiary Akaroa Salmon New Zealand Ltd. (“Akaroa”).

The transaction involves the sale of ASFII’s eighty percent (80%) stake in Akaroa, a company incorporated and domiciled in New Zealand. Proceeds from the sale will be used to reinvest in the Company’s operations and reduce debt.

The sale is consistent with the company’s long-term objective to focus on its Philippine operations.

ASFII Chief Executive Officer Raymond K.H. See said, “We remain optimistic about the future of ASFII and will continue to invest in our business. We are confident that this latest development will allow us to streamline our operations and improve profitability.”

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15 November 2021 

Alliance Select Posts USD31 Million in Net Revenues for 9M2021  

Homegrown seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE:FOOD) reported consolidated net revenues of USD31 million for the first nine months of 2021 versus USD52 million in the comparable period last year. EBITDA remained positive with USD0.7 million while gross profit reached USD3.1 million. With the cost of goods sold down by 41% year-on-year, gross profit margin improved to 9.8% in 9M21 from 8.7% in 9M20.

Amidst the COVID-19 pandemic, weak export demand and high freight costs due to the global shortage of shipping containers have continued to dampen sales volume. The company implemented cost optimization measures to reduce the cost of goods sold and lower selling and administrative expenses, which fell 13% year-on-year. ASFII also paid down its high-interest-bearing debts, resulting in a 42% decline in interest expense to USD0.5 million in 9M21.

ASFII reported a consolidated net loss of USD0.07 million during the first nine months of 2021 versus USD0.6 million in the same period last year.

For the third quarter of 2021, consolidated net loss amounted to USD0.13 million, an improvement compared to net loss of USD0.35 million in the same quarter last year.

ASFII Chief Executive Officer Raymond K.H. See said, “We are looking forward to a more stable environment as economies across the globe recover from the impact of the COVID-19 pandemic. We’ve made several adjustments in our business, including streamlining of operations and improving our cost structures, which should allow for better growth coming into 2022.” 

Alliance Select Foods International, Inc. is a publicly-listed seafood company engaged in tuna processing serving over 30 countries worldwide.

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13 August 2021

Alliance Select Posts USD20 Million in Net Revenues for 1H2021

International seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE:FOOD) posted consolidated net revenues of USD20 million for the first half of 2021 versus USD35 million in the comparable period last year. Gross profit reached USD1.8 million with slightly higher gross profit margin of 8.9% from 8.8% in 1H20.

Lower sales volume was largely due to weak export demand and high freight costs amid the prolonged COVID-19 pandemic. Thus, the company continues to implement cost-saving measures with selling and general administrative expenses down 17% year-on-year to USD2.3 million in 1H21. Likewise, initiatives to pay down high-interest-bearing liabilities resulted in a 42% decline in interest expense to USD313 thousand from USD541 thousand in 1H20.

ASFII reported a net loss of USD0.6 million during the first six months of 2021 versus USD0.3 million in the same period last year.

ASFII Chief Executive Officer Raymond K.H. See said, “Our business operations have seen sequential QoQ improvement despite the challenges brought by the pandemic. We aim to continuously implement new marketing initiatives for topline growth alongside our cost-saving measures. We are also committed in exploring opportunities to further expand our domestic and international businesses.” 

Alliance Select Foods International, Inc. is a publicly-listed seafood company engaged in tuna processing serving over 30 countries worldwide.

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15 June 2021

2021 Annual Stockholders’ Meeting

MANILA, PHILIPPINES — In the Company’s Annual Stockholders’ Meeting held today virtually, Alliance Select Foods International, Inc. (“ASFII” or the “Company”; PSE: FOOD) Treasurer Ma. Carolyn C. Angeles reported the Company’s full year 2020 and first quarter 2021 net revenues at USD62.7 million and USD8.6 million, respectively.

“ASFII aims to sustain its growth trajectory despite the challenges brought by the COVID-19 pandemic. We have taken several initiatives to improve our market share in Asia and North America. Likewise, our recent capital investment for automation and equipment upgrade should improve our production efficiency and reduce cost.” ASFII Chief Executive Officer Mr. Raymond K.H. See added.

The prolonged COVID-19 pandemic has weakened market demand and resulted in higher freight and raw material costs. To partially cushion the impact, the company implemented cost-cutting measures and paid down interest-bearing debts to lower finance costs. Factoring a weaker USD, ASFII posted net losses of USD10.1 million in 2020 and USD0.5 million in 1Q21.

In 2020, ASFII earned the top spot in the Greenpeace Southeast Asia’s 2020 Tuna Cannery Ranking Report for its sustainability policies and practices. It was ranked No. 1 in the Philippines for the second time in a row, and No. 3 among top canneries in Southeast Asia.

In part of the company’s advocacy for responsible stewardship of the ocean and marine life, The Bay of Gold Scholarship Grant continues to send scholars to Mindanao State University on full scholarship.

Alliance Select Foods International, Inc. is a publicly-listed seafood company engaged in tuna processing serving over 30 countries worldwide.

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May 14, 2021

Alliance Select Posts USD8.6 Million Net Revenues for 1Q21

International seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”; PSE: FOOD) reported consolidated net revenues of USD8.6 million for the first quarter of 2021. Lower sales volume of canned tuna and other products was mitigated by a significant drop in cost of goods sold, resulting in a gross profit of USD0.8 million and GPM of 9.5%.

The Company also paid down its high interest-bearing liabilities to reduce its interest expense, which fell 45% in 1Q21 as compared with the same period last year. ASFII continues to focus on improving its working capital through better cash collection, faster inventory turnover, and increased production efficiencies.

However, the prolonged COVID-19 pandemic has weakened export demand mainly due to higher freight and raw material costs. Combined with a stronger Philippine peso, ASFII posted net losses of USD0.5 million in 1Q21.  

ASFII Chief Executive Officer Raymond K.H. See said, “Despite the challenges brought about by COVID-19, we continue to implement strategic initiatives to support the growth trajectory of the Company. Our investments in new equipment are expected to increase operating efficiency and reduce costs over time.”

Alliance Select Foods International Inc. is a publicly listed seafood company that began as a tuna cannery in General Santos City, and has since expanded its product portfolio to serve customers world-wide.