California Pizza Kitchen Signs Franchise Deal to Expand into Taiwan
LOS ANGELES--(BUSINESS WIRE)-- California Pizza Kitchen, Inc. (CPK) (Nasdaq:CPKI) announced an agreement today to expand into Taiwan with new franchise partner, Quanta Foods. As part of the agreement, a minimum of 6 new California Pizza Kitchen restaurants are expected to open in Taiwan over the next 5 years.
"We are proud to be a global brand and whenever we are able to introduce our innovative menu into a new country, it is an opportunity we pursue," stated Rick Rosenfield and Larry Flax, co-founders and co-CEOs of California Pizza Kitchen. "Quanta Foods has a great success record in Taiwan and we are pleased to partner with them on this venture."
Quanta Foods has been in the restaurant business for over twenty years and was previously a joint-venture partner in Taiwan with such brands as McDonald's and TGI Friday's. Currently, Quanta Foods is the exclusive franchisee for Outback Steakhouse in Taiwan, as well as the operator of other independent restaurants in the market.
California Pizza Kitchen, Inc., founded in 1985, is a leading casual dining chain featuring an imaginative line of hearth-baked pizzas, including the Original BBQ Chicken Pizza, and a broad selection of distinctive pastas, salads, appetizers, soups, sandwiches and desserts. Of the chain's 265 restaurants, 205 are company-owned and 60 operate under franchise or license agreements. There are currently 35 restaurants located internationally in China, Japan, Philippines, Malaysia, Singapore, Mexico, South Korea, Guam, India, Indonesia and United Arab Emirates. CPK premium pizzas are also available to sports and entertainment fans at three Southern California venues, Dodger Stadium, Angel Stadium of Anaheim and STAPLES Center. Also included in the company's portfolio of concepts is LA Food Show Grill & Bar, which is located in Manhattan Beach, California. The company also has a licensing arrangement with Nestle USA, which manufactures and distributes a line of California Pizza Kitchen premium frozen products. For more details, visit www.cpk.com.
Source: California Pizza Kitchen