P.F. Chang's Announces International Expansion in South America
Enters into Agreements with Alsea to Develop P.F. Chang’s Restaurants in Argentina, Chile and Colombia
P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) today announced it has signed exclusive development and licensing agreements with Alsea, S.A.B. de C.V. (BMV: ALSEA*), the leading Quick Service Restaurant and Casual Dining operator in Latin America, to develop 17 P.F. Chang’s restaurants throughout Argentina, Chile and Colombia over the next ten years. The first location is scheduled to open in Santiago, Chile in early 2012.
Alsea currently operates six P.F. Chang’s restaurants in Mexico under an exclusive development and licensing agreement signed in 2009 to develop 30 P.F. Chang’s restaurants throughout Mexico over ten years.
“We are excited to continue working with Alsea to extend the P.F. Chang’s brand into South America.”
“We are thrilled to expand our relationship with Alsea given the success they have achieved in bringing P.F. Chang’s to Mexico,” said Mike Welborn, Executive Vice President and President of Global Brand Development for P.F. Chang’s China Bistro, Inc. “We are excited to continue working with Alsea to extend the P.F. Chang’s brand into South America.”
“We are delighted to expand our casual dining concepts to South America with P.F. Chang’s,” said Cosme Torrado, Alsea's Latin American Delegate Board Member. “Our P.F. Chang’s restaurants in Mexico have seen excellent results and we look forward to bringing the P.F. Chang’s dining experience to South America.”
About Alsea
Alsea is the leading operator of Quick Service Restaurants and Casual Dining establishments in Latin America, operating brands with proven success such as Domino’s Pizza, Starbucks, Burger King, Chili’s Grill & Bar, California Pizza Kitchen and P.F. Chang’s China Bistro. Alsea’s shares are traded on the Mexican Stock Exchange under the ticker symbol ALSEA.
About P.F. Chang's China Bistro, Inc.
P.F. Chang's China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang's China Bistro features a blend of high-quality, Chinese-inspired cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared pan-Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility. In addition, the Company has extended the P.F. Chang's brand to international markets and retail products both of which are operated under licensing agreements.
Logos, product and company names mentioned are the property of their respective owners.
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