BELGIUM: M&A boosts PinguinLutosa Q1 sales
Two significant acquisitions in the last year have boosted first-quarter sales at Belgium-based frozen and canned food group PinguinLutosa.
The company reported a 92% jump in sales to EUR210.2 for the three months to the end of June.
Revenue included the impact of the acquisitions of canned food firm Scana Noliko and the frozen-food assets of French co-op CECAB. PinguinLutosa completed both deals last year.
The company's largest division remains deep frozen vegetables and it said sales increased 26.5% without the contribution of the CECAB acquisition.
In the next two years, the acquired businesses from CECAB "will receive the highest priority", PinguinLutosa said.
It also warned of "further measures" to improve profits in the UK.
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