5 June 2008 – Vandemoortele, a Belgian food group which specialises in cooking oils and margarines, has bought France's leading frozen bakery product manufacturer Panavi for an undisclosed amount, media report.
Group Panavi supplies its frozen breads and pastries to retailers and wholesalers throughout France. It has 22 factories, employs over 2,000 people and posted an annual turnover of €307 million in 2007.
Vandemoortele is best known for its cooking oils and margarines, but is also present in the soy product sector through its Alprosoya brand. It employs 3,800 people and recorded a turnover of €867 million in 2006.
With this acquisition, Vandemoortele expands its activities in the frozen bakery product sector and strengthens its position in France, where it is already present thought Croustifrance. The group's bakery product activities were worth €290 million in 2007.
The European market for frozen bakery products is growing by 5 to 10% annually. France is Europe’s main consumer of these products.
"After the take-over of Panavi, Vandemoortele, with its extensive and unique product range, 34 factories and 3,800 employees, will rank among the key players in Europe,” according to Jean Vandemoortele, President of the Executive Committee of the Vandemoortele Group.