Netherlands: LT Foods to acquire Global Green Europe

LT Foods, a global food company, has announced that it has signed a definitive agreement to acquire to acquire a 100% stake in Hungary-based preserves firm Global Green Europe for €25 million ($29 million) through its Netherlands-based step-down subsidiary LT Foods Europe Holdings Limited, .

Founded in 2006 following the acquisition of the former Intergarden N.V., the Hungarian arm of Global Green manufactures canned sweetcorn and jarred gherkins, silver skin onions, peas, and sour cherries. The company supplies more than 30 countries from two sites covering 45 acres.

Commenting on the move, LT Foods executive chairman VK Arora said: “The acquisition of Global Green Europe Kft. enables us to enter the processed canned food market, leveraging synergies with our existing business in Europe. This acquisition also reinforces our commitment to building a globally diversified food portfolio while maintaining its leadership in ricebased products”.

“We see this as an opportunity to further strengthen our relationship with customers and consumers by offering them a wider range of high-quality, ambient packaged food products, aligned with our purpose of providing ‘Nurturing Goodness’ for people, planet and the community”, he added.

LT Foods Europe managing director Vikas Magoon added: “We already have a strong presence in Europe through our manufacturing operations in the Netherlands and the United Kingdom. The addition of Global Green Europe in Hungary will establish a third manufacturing hub in Europe, strengthening our foothold in Central and Southern Europe”.

Source: LT Foods