Naturex Completes Acquisition of Pektowin, Boosts Presence in Eastern Europe
After raising the standard conditions linked to such operations, and recording the completion of the related administrative and regulatory formalities, the Polish Ministry of the Treasury confirmed the privatization of ZPOW Pektowin SA (Pektowin) in favor of Naturex, on January 11th, 2012. The definitive acquisition of Pektowin was then signed on the same day with the Polish Industrial Development Agency, for an enterprise value of about €8.4 million.
March 7 2012 --- Naturex has confirmed that it has finalized the acquisition of 100% of the capital of Pektowin, following the agreement concluded on 21 December 2011 with the Polish Industrial Development Agency.
After raising the standard conditions linked to such operations, and recording the completion of the related administrative and regulatory formalities, the Polish Ministry of the Treasury confirmed the privatization of ZPOW Pektowin SA (Pektowin) in favor of Naturex, on January 11th, 2012.
The definitive acquisition of Pektowin was then signed on the same day with the Polish Industrial Development Agency, for an enterprise value of about €8.4 million.
Naturex immediately replaced the administrative bodies of Pektowin, marking a first step in the integration of the company which will be consolidated into the Group's accounts starting on January 1st 2012.
Created in 1963, Pektowin is a Polish company based in Jaslo on a ground of 20 hectares, located in southeastern Poland, rich in fruit and vegetable crops.
The company employs nearly 320 people and generated €12.5 million in revenue in FY2011, distributed as follows. Their main activities include the use of a polyvalent industrial tool for the production of pectins and fruit & vegetable juice concentrates. They also prepare processed food products for Polish distribution, though Naturex plans to cease this secondary activity as part of the merger.
The clientele from the main activity is constituted by national and international actors of the Polish food industry (58% of sales) but also European (36% of sales) with a presence to highlight in Eastern Europe, and Russian (6% of sales).
In FY2011, Pektowin achieved an Ebitda of approximately -€0.4 million for an operating result of about -€0.7 million. Net income is a loss of nearly €1 million, mainly due to secondary activities.
The acquisition of Pektowin represents a real strategic interest for Naturex on the industrial side, allowing on one hand to double its pectin production capacity, as a complement to the Swiss factory in Bischofszell, and on the other hand to acquire a new production tool in the field of juice concentrates.
At the same time, the commercial location of Naturex in Warsaw (Poland) and the current penetration of Pektowin in the Polish food industry will significantly strengthen the presence of the Group in Eastern Europe with a broader customer base, and encourage locally the promotion and the marketing of all its product lines.
"The finalisation of the acquisition of Pektowin is an important milestone in Naturex's development as it constitutes a strategic opening towards Eastern Europe countries which offer an excellent sales outlook for all of our product ranges", declared Jacques Dikansky, President and CEO and founder of Naturex.
"Our teams are working hard to integrate this acquisition as quickly as possible and boost the pectin and juice concentrates activity thanks to Naturex's industrial and technological know-how, its global sourcing capacity and the strength of its sales network. Backed with our experience, we are confident in our ability to bring Pektowin’s profitability at the level of the Group's standards by 2013."
