BELGIUM: PinguinLutosa receives bids for potato unit
Belgian vegetable supplier PinguinLutosa has received takeover offers for its potato division.
In a statement today (4 September) the group said it has received "unsollicited non-binding" offers for the acquisition of all shares of the potato unit Lutosa group.
"The board of directors and the management will carefully consider the non-binding offers and explore the merits and risks for all PinguinLutosa stakeholders of such offers," the company said. "Further announcements will be made if and when appropriate."
In July, PinguinLutosa, which operates three divisions: vegetables, ready-to-use products and potato specialities, said it was looking to bring its production costs in the UK in line with those from its operations in Europe.
CEO Hein Deprez told just-food he wanted the cost per tonne of its produce in the UK to be the same as in other facilities across Europe, including Belgium, Poland and Hungary. In recent years, the company has closed several facilities in the UK.
PinguinLutosa has reported a strong rise in sales for the first nine months of its fiscal year, benefiting from the knock-on effect of acquisitions and higher volumes....
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