FRANCE: Brossard to increase capital, eyes biscuits development
The French frozen foods and industrial pastry group, Brossard, is to planning to raise between EUR102m (US$134.53m) and EUR118m from a new share issue.
Brossard is currently 100%-owned by its president and CEO, Guy Schumacher.
The capital will be used to reduce the group's debt and boost sales from EUR118 currently to EUR200m by June 2009. The group is planning an investment of EUR15m in industrial assets.
Brossard is also poised to make a return to its traditional business line - biscuit-making. The group ceased biscuit production in 1999 when its then owner, Sarah Lee, sold its Biscuits Gringoire business to CCA, a food group best known for its William Saurin tinned meals. The deal included a six-year no-competition clause between Brossard and Gringoire which expired in June last year.
Brossard is set to launch up to 21 new recipes including those for sponge-type boudoir and bourdoir à charlotte biscuits, assortments and European specialties. It is also eyeing partnerships with firms in neighboring European countries through recipe exchanges.
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