BELGIUM: PinguinLutosa sales strengthen in Q3
Belgium-based frozen-food group PinguinLutosa has recorded a 9% rise in third-quarter revenue as sales growth accelerated from the first half of the year.
The company booked a 9.4% increase in sales to EUR117.2m (US$163.2m) for the three months to the end of September. Sales from its potato division grew 13.4% to EUR60.1m, while sales of deep-frozen vegetables were up 5.6% to EUR57m.
"Both in the deep-frozen vegetable and the potato division the good growth of the first semester was strengthened during the third quarter of 2010," PinguinLutosa said today (28 October).
"Traditionally, the second half of the year is more important than the first half. This is specific to the sector. This seasonality is strengthened by a favourable change in the market conditions. Consequently, PinguinLutosa expects that the second half will be significantly better than the first half."
Two weeks ago, PinguinLutosa announced it had finalised its plans to take control of the deep-frozen vegetable business of French co-operative Centrale Cooperative Agricole Bretonne (CECAB).
It seems one of the biggest M&A stories in the food industry in recent months is reaching the final chapter, with the news today (18 March) that General Mills is in exclusive talks to buy into French ...
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