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Cebeco and Cosun reach agreement on Aviko

26 June 2002

Breda/Rotterdam, 26 June 2002 - Royal Cosun, Breda, and Koninklijke Cebeco Groep, Rotterdam, have reached agreement in principle on Cosun’s acquisition of Cebeco’s majority interest in the potato processing company Aviko. Cosun already has a 30% interest in the Aviko group. Definitive transfer is expected around 1 August 2002.
 

Cebeco announced at the end of January that it would concentrate its activities on the meat chain (pork and poultry) and withdraw from the vegetable sector. Aviko is accordingly no longer a core activity. For Cosun, however, the Aviko group is an excellent strategic gain. Cosun is engaged in the vegetable food chain, with ingredients and products for the industrial and professional markets in Europe and North America.
 

Following the proposed acquisition by Cosun, Aviko will be able to concentrate on strengthening its position in Europe, where it currently holds 20% of the market. The Aviko group will continue to operate as an autonomous unit within Cosun. The Cosun group has the ambition to gain at least 25% of the European potato specialities market with Aviko.
 

Cosun’s Board approved the transaction on 25 June. Cebeco’s Members’ Council agreed to the proposed acquisition this afternoon. The Social and Economic Council and trade unions have been informed. The works councils have been asked for their advice.