Greece's Sarantis acquires Hungarian company Trade 90 for 2.74 mln euros

[Angelo]

Greece's Sarantis acquires Hungarian company Trade 90 for 2.74 mln euros
07.01.08, 7:53 AM ET





ATHENS (Thomson Financial) - Greek consumer products wholesales Sarantis SA said that it has 100 percent of Hungarian household products company Trade 90 for 2.74 million euros to expand geographically and reinforce its position in eastern Europe.

Sarantis expects significant synergies from the acquisition because its own packaging products division is one of its most dynamic operations with sales totaling 65 million euros.

The Greek company currently has a unit in Hungary which is expected to turn profitable because it will achieve critical mass using the new units long-lasting agreements with the major key accounts, and powerful distribution network.

The deal will be financed from Sarantis own funds and the transaction is subject to financial and legal due diligence which should be completed by September 15.

Trade 90 was established in 1991 and operates in the production and distribution of food packaging products and is ranked second in Hungary in terms of market share.

It also has export activities in Slovakia, Czech Republic, Romania


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[really]

That's a big company, Sarantis. I did not know that the Camel shoe products come from it.

[Napalm]

As usually Greece taking economic and financial routes to bring business and stability to the region while the NWO brings instability.