French poultry group Duc has been given the go-ahead by a commercial court to acquire Brittany-based turkey products specialist Volaven, which went into administration in October.
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A subsidiary of food cooperative CECAB, (Centrale Coopérative Agricole Bretonne), Volaven’s financial problems have been blamed on the bird flu scare earlier this year which triggered a slump in poultry prices in France and which continue to be at relatively low levels despite an upturn in consumption in the last quarter of the year.
Duc was the only candidate to make an offer for the company and its takeover plan seeks to keep on 240 of Volaven’s 380 staff employed at its plant at Riec-sur-Belon, in the Finistère département.
The acquisition will give Duc scope to develop its activities in turkey products for the supermarket sector.
Its 2006 turnover, estimated at EUR100m (US$131.7m), excluding Volaven, is currently generated, in large part, by chicken products.
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By GlobalDataVolaven is expected to add EUR40m in annual turnover to Duc’s business.
