French Bakery Acquisition
09 September 2004 - 10:59PM
UK Regulatory
RNS Number:7861C
AGA Foodservice Group PLC
09 September 2004
9th September 2004
FOR IMMEDIATE RELEASE
AGA FOODSERVICE GROUP PLC - FRENCH BAKERY ACQUISITION
Aga Foodservice Group (AFG) has acquired certain assets and the operations of
Pavailler, France's second largest bakery equipment manufacturer, for Euros 2.5
million from Pavailler's administrator. Pavailler went into administration in
July 2004 primarily because of losses at its US subsidiary which has now been
closed. AFG has acquired Pavailler's three French factories and its stock. The
operations acquired had a turnover of circa Euros 32 million and achieved a
result close to breakeven in 2003. The fixed assets and stock at 31 December
2003 had a value of approximately Euros 10 million.
AFG already owns Bongard, the market leader in France. With this acquisition,
AFG has a powerful product and distribution platform together with its UK and
Italian operations to service both its major, often international, supermarket
accounts as well as its local artisan bakery customers.
William McGrath, Chief Executive of AFG commented: "Bakery is core to the Aga
Foodservice Group and acquiring Pavailler strengthens us not only in France but
brings capacity and local contacts to support our international expansion plans
across Europe and in the USA."
(-ENDS-)
Enquiries:
William McGrath, Chief Executive, Aga Foodservice Group plc 0121 711 6025
Jonathan Glass, Brunswick Group 020 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
END
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