Jago wants to build a group which will be
theleader on the Polish market of frozen food distribution. In the middle of
January, the company said it was planning a merger with a rival. It is probably
Chlodnia Lodz but the company does not confirm this. A week later, Jago said it
was planning to acquire a rival company. Again the name was not made public.
Now, Jago plans to buy a producer and distributor of frozen products. This is a
bigger firm than the previous ones.
“The company with which we have just
signed a letter of intent has sales three times higher than ours (in 2006, Jago
had PLN 133m, or EUR 33.7m of sales). It suits us well because it is strong in
the sector of bars, restaurants and hotels”, Wojciech Antkowiak, Jago CEO said.
Details of the transaction will be announced till the middle of May at the latest.
If all three transactions announced this year are concluded, Jago will increase sales to half a billion zloty and become the leader on the Polish frozen food market leaving behind Iglotex, today’s leader.
“We may sign yet another letter of intent in upcoming weeks. Then, the sales of the group will grow to PLN 700”, Wojciech Antkowiak estimated.
Yesterday, Jago shares grew 4.5 percent to PLN 3.97.
(PLN 1 = EUR 0.276)