12th June
2007
Cadbury gets sweet on Romania
Cadbury Schweppes has bought a 93 per cent stake in Romanian sweets maker Kandia-Excelent,
from Kandia, a private equity investment holding company managed by Meinl Bank.
The move is part of a series of emerging-market acquisitions and reshuffles as
the company tries to improve profit margins, particularly in its confectionery
divisions.
"The purchase of Kandia-Excelent is aligned with our strategy of pursuing
bolt-on acquisitions to further strengthen our confectionery platform," said
Todd Stitzer, Cadbury's chief executive officer.
Kandia-Excelent is the second largest confectionery company in Romania, with a
20 per cent market share in total confectionery, according to the report. It has
a number two position in the chocolate market with a 24 per cent share, and a
leading position in candy with a 32 per cent share.
It has been producing chocolate since 1890, and has predicted 2007 sales of 50m,
thanks to the popularity of products such as Kandia, Laura and Anda.
Stitzer said that Cadbury hope to build on Kandia-Excelent's established success,
adding, "this acquisition gives us an exciting opportunity to further develop
their leading brands and leverage their strong routes to market."
The purchase of Kandia-Excelent follows hot on the heels of the acquisition of
Turkish Intergum, announced only one day earlier. Intergum is one of the world's
top five chewing gum manufacturers, supplying several international supermarket
chains within the EU and the US.
Other restructuring plans announced this year include the separation of Cadbury's
confectionery and Americas beverages businesses, announced in March.
Last week, Cadbury sold businesses in Australia, Italy and Canada, and split operations
in Europe, Middle East and Africa into two areas of responsibility.
This will result in the dismissal of nine senior executives, including Simon Baldry,
who was in charge of the UK confectionery business during the salmonella scandal
in June 2006.
Source: Food & Drink Europe.
Seat sold over 1,600 cars in Romania this year
The sales in Romania by the Spanish Seat brand, part of the German Volkswagen
group, rose by 28 per cent in the first five months this year to 1,676 units.
The best selling model was the small class Ibiza, with almost 685 cars, Mediafax
informs.
‘The total sales plan intended by Porsche Romania for Seat in 2007 is 4,150
units, having delivered a total number of 3,864 units in 2006’ reads a press
release of Porsche Romania, general importer of the brand. Ibiza was bought by
685 customers from January to May 2007 compared to 490 units sold during the same
period the year before.
The Cordoba and Leon models registered a significant rise as well, with 417, 352
cars sold by May, respectively. In the first five months of 2006 286 Cordoba and
267 Leon units were sold. The general importer of the Seat brand is Porsche Romania
that also imports the Volkswagen, Skoda, Porsche, Audi, Bentley and Lamborghini
brand names.
Source: Nine O'Clock.
Immoeast bought Euromall Pitesti
Immoeast, the Austrian investments fund which owns over 110 properties in the
real estate area in Romania, has bought the commercial centre Euromall from Pitesti,
developed by the Euromall French network from a transaction of EURO 87 M, Mediafax
informs. The commercial centre has a surface to be borrowed of 32,000 sq m, structured
on three levels, and required funds of EURO 35 M.
The project gathers 120 shops, and the number of the possible clients –
the population from Pitesti and its surroundings reaches 480,000 people. Euromall
Pitesti has been developed by a group of French and Israeli investors, that is
involved in the building of a commercial centers network from Ploiesti, Craiova
and Galati. Immoeast has eventually took over the Euromall commercial centre in
Galati, as well, being under construction, an EURO 45 M investment.
The portfolio of the Austrian investor has over 44 retail projects within Romania,
with a surface of 894,000 sq m. Immoeast announced before that it will have, until
year 2010, a budget of EURO 731 M for acquisitions and real estate developments
on the Romanian market, so that the value of the portfolio owned in Romania will
increase in the next three years to EURO 2,1M.
Source: Nine O'Clock.
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