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May 13, 2002

GREECE: Kardasilaris-Cardico to sell stake to US/German group

Kardasilaris-Cardico, the domestic dried fruit and nut processor, has revealed that it is in advanced negotiations with a US/German cornflakes manufacturer over the sale of a significant stake of its own equity and the equity of its French subsidiary Echalie. Kardasilaris-Cardico has already begun producing cornflakes for the large supermarket chains in Greece, and it plans to add a second cornflake production line to its new plant in Inofyta.

Kardasilaris-Cardico, the domestic dried fruit and nut processor, has revealed that it is in advanced negotiations with a US/German cornflakes manufacturer over the sale of a significant stake of its own equity and the equity of its French subsidiary Echalie.

Kardasilaris-Cardico has already begun producing cornflakes for the large supermarket chains in Greece, and it plans to add a second cornflake production line to its new plant in Inofyta.

The company expects a 20% year-on-year rise in its pre-tax profit and turnover for 2002, up from €3.2m (US$3m) and €43.8m, respectively.

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