French cheese maker Fromageries Bel, whose brands include The Laughing Cow, has agreed a deal to buy Ukrainian cheese producer Shostka.
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With 2006 sales of nearly US$44m, Shostka’s main shareholder is fund manager, Horizon Capital.
Bel said the acquisition strengthens its presence in Eastern Europe, with Ukraine ranking as the region’s second-largest market behind Russia in terms of production volumes.
“We are intensifying our business in a region where we are already well positioned, notably in the Czech Republic, Slovakia and Poland,” the group’s vice-president for Europe, Francis Le Cam, said. “This deal follows the acquisition of the Gervais brand in the Czech Republic from the Danone group in January 2007,” he added.
Shostka is primarily active in the hard and semi-hard cheese segment, where it is a major player with leading brands and a strong premium brand image.
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By GlobalDataIt employs 1,000 staff, has a manufacturing facility in north-eastern Ukraine, near the Russian border.
The deal to buy Shostka is subject to regulatory approval.
