Belgian vegetable group Pinguin and the Hungarian company GLOBUS has reached a distribution agreement for their products in Western and Eastern Europe.
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With a turnover of €125m (US$118.1m), Globus is the major Hungarian producer of frozen, canned and bowled vegetables and the market leader in Eastern Europe. Globus is quoted on the stock exchanges of Frankfurt and Budapest.
The synergy with Pinguin focuses on the market of frozen maize. Together, Pinguin and Globus produce 30,000 tons of frozen maize, a strategic volume on the total European market (European consumption amounts to 110,000 ton; the total European production to 90,000 ton). Globus is strong in retail on the domestic market and in Eastern Europe. Pinguin is particularly strong in B2B activity and in Western Europe. Furthermore, advantages of the synergy can be realised thanks to a geographical mix aimed at both provisioning and sale, the groups said.
In order to intensify their cooperation, Pinguin and Globus decided to take a controlling interest in Elsner Poland. In a first phase, Pinguin and Globus become shareholders for 25.5% each. Both have a call option of 24.5% on the remaining shares, which still belong to Raiffeisen Austria.
With 35,000 tons of finished products and a turnover of €20m, Elsner Poland is one of the major Polish producers of deep-frozen vegetables and fruits. Elsner has four production plants spread over Poland. They especially deliver to industrial and retail customers in Western Europe and have acquired an important market position on the domestic market under the brand “Felco” (retail). For Pinguin, Elsner must become the operating base towards Eastern Europe and Russia. Scandinavia can also become an important sales market for the Polish plants because of a fast and short connection.
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By GlobalDataTo support this international expansion, the Board of Directors decided to increase the capital.
Two industrial investors, SILL and Lurberri, contribute €1,000,000 and €560,000 respectively, in exchange for new “Pinguin” shares at a rate equal to the average of the last 30 days (€14.30). Via its subsidiary Primel, SILL is active in, amongst other things, prepared deep-frozen meals and it is the market leader in France for private label (brand of the wholesaler). Primel already has a share in D’Lis Food, a subsidiary company of Pinguin, active in ‘meal solutions’. Lurberri is an agricultural cooperative in Southern France and a shareholder (20%)of Legum’Land Surgelés, a subsidiary company of Pinguin specialised in the production of deep-frozen maize and carrots.
