Lamex Food Group Expands With Serbian Acquisition
30 Apr 2013 --- Lamex Food Group, one of the world's largest privately owned importers and exporters of frozen and chilled foods, with 17 offices and annual sales in excess of US$ 1.25 billion today announced that it has entered into an agreement to acquire a significant holding in Mondi Serbia, processors of frozen fruit and vegetables, subject to approval of a proposed creditors arrangement and the Serbian authorities.
Lamex Agrifoods, a wholly owned subsidiary of Lamex Food Group, will handle the worldwide sales for the new business, which will be renamed Mondi Lamex.
Phil Wallace, CEO of Lamex said: “We’re very excited about this announcement. The Mondi Serbia business has hit difficult times with the continual increase in the cost of raw material and a lack of available finance, but we have been a customer for many years and believe it to be one of the best processing plants in Serbia with a great team of people.”
“Adding red fruits from a high quality processor like Mondi Serbia to the Lamex Agrifoods portfolio is the first step in a chain of carefully planned investments designed to protect the supply chain of our higher profile customers around the world that procure high quality frozen fruit. Our financial strength will bring new confidence to the present position and, hopefully, give existing creditors the confidence they need to approve the proposals.”
“Having access to Lamex’s financial stability, worldwide sales, technical and global logistics expertise will ensure a seamless transfer for existing Mondi Serbia customers. We believe that Lamex’s experience in the technical assurance and sale of frozen fruit will bring significant benefits to the new business.”
Lamex and Mondi Serbia intend to increase production at the BRC and Global Gap fully approved facility in Kraljevo and develop a strategic relationship on a variety of new developments and markets around the world, including Organic products, under the new Mondi Lamex corporate identity.
Specific financial terms of the transaction are undisclosed. The transaction is subject to various closing conditions and is expected to close in May 2013.
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