Bonduelle to acquire assets of Hungarian cannery
Bonduelle, is a French based vegetable processing, plans to acquire some of the assets of Kelet-Food, a Hungarian cannery, to strengthen its agro-industrial presence in Central Europe.
Kelet-Food, located in Nyiregyhaza, north-east of Budapest, produces canned sweet corn and peas, which are sold under private labels at national and local level. The company employs 63 people has a production capacity of 25,000 to 30,000 tons.
The company was placed into receivership following the difficulties encountered throughout its sector - such as excessive inventories resulting from the 2008 financial crisis, poor production campaigns in 2010 and rising agricultural raw materials prices in 2011.
According to the company, the Kelet-Food plant is located in a different production area from the other two Bonduelle Hungarian factories, which will allow for a better distribution of agricultural risks.
The plant will be operational for the 2012 cropping season. This acquisition is subject to the agreement of the Hungarian competition authorities.
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