Slovak bakeries merge

Related tags Baker Baking

Medea, a baked goods producer based in Kosice, has been acquired by
bakery and pasta maker Petrzalka for SK173.6 million.

Petrzalka has taken an 89 per cent stake in Medea, according to a report from the SITA agency, acquiring the shares from a variety of different sources including investment funds and private individuals.

Medea had a difficult year in 2003, ending with losses of more than SK5 million, a major slide from profits of SK1.2 million in 2002. Full year sales figures were not given, but Medea posted first half revenues of SK159.8 million.

Founded in 1992, Medea produces bread, fresh and long-life bakery products and pasta. It is also a trader of ingredients and machinery for the bakery industry.

Related topics Markets