The Terra Food Group, one of the largest Ukrainian industrial and trade holdings, on May 17, 2013 has finalized a deal on the acquisition of public joint-stock company Rozhysche Cheese Factory (Volyn region) and launched the factory.
According to a press release of the group issued on Monday, production was stopped at the factory in November 2012 due to debts.
Rozhysche Cheese Factory will join the Inter Food holding, which represents the dairy business of the group.
Inter Food Director General Serhiy Kovalchuk, the factory will produce hard cheese.
“According to our estimates, in June we’ll reach production of 350-400 tonnes a month. The factory maintained a good material and technical base, which we’ll continue developing to bring the factory to the largest production volumes,” reads the press release, citing Kovalchuk.
Terra Food Executive Director Ivan Herasymovych said that the group intends to strengthen its positions in production and sales of cheese, and the group is still eyeing acquisitions or construction of cheese factories.
As reported, in April 2013, in the information disclosure system of the National Commission for Securities and the Stock Market, Terra Food announced its plans to acquire a 99.83% stake in of public joint-stock company Rozhysche Cheese Factory and a 76.7% stake in public joint-stock company Ostroh Milk Factory (Rivne region).
Terra Food managing company, founded in 2006, is one of the largest industrial and trade holdings in Ukraine, which includes three business directions – milk, meat and agro-industrial.
Inter Food Holding produces butter, cheese and dairy lubricants at five factories in Vinnytsia region.
Rozhysche Cheese Factory produces hard cheese, butter and dairy spreads. As of Q3, 2012, an individual held a 95.98% stake in the company.
In 2011, the factory saw UAH 113.77 million in net revenue and UAH 414,000 in net profit.
