Statement on the U.S.-China Phase One Trade Agreement
16 Dec, 2019, 13:37 ET
From Pieter Sikkel, President, CEO & Chairman, Pyxus International, Inc.
MORRISVILLE, N.C., Dec. 16, 2019 /CNW/ -- Pyxus International, Inc. (NYSE: PYX), a global value-added agricultural company, today issued the following statement regarding the announcement of a trade agreement reached between the United States and China:
"Pyxus applauds the initial trade agreement finalized by the United States and China, and both governments for their perseverance in reaching this consensus. The agreement is a welcome first step to reopening China's vast consumer market to U.S. agricultural products including tobacco. While this compromise is only one piece of a much needed comprehensive trade agreement and additional steps need to take place to restart leaf exports, it is an encouraging move in the right direction, helping to foster enhanced trade and promote greater opportunities for success in the global economy.
"For 146 years we have been purchasing and promoting product from U.S. farmers, and for more than 39 years, our company has worked to build strong relationships in China. In the year preceding the trade dispute, the U.S. exported $162 million worth of tobacco to China. Last year, that number decreased to only $4 million. This agreement should positively impact the U.S. agricultural industry and American tobacco farmers, who have been hit hard by the ongoing trade dispute.
"At Pyxus, we keep farmers at the heart of everything we do, which is why this has been a key area of focus for us. We are excited to build on the positive momentum and are hopeful that this signifies sustainable progress in United States-China relations and greater economic opportunity for farmers."
About Pyxus International Inc.
Pyxus International Inc. (NYSE:PYX) is a global agricultural company with more than 146 years' experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people's lives, so that together we can grow a better world—Pyxus International, its subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients. For more information, visit www.pyxus.com.
SOURCE Pyxus International, Inc.
For further information: Joel Thomas, (919) 379-4300, http://www.pyxusintl.com
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