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News

Greek firm acquires tomato products sector from Elais-Unilever

04/03/2021 - Press release , François-Xavier Branthôme
A significant expansion for Minerva

On 2 March 2021, Elais-Unilever reached an agreement to sell its interests in the processed tomato products sector to Minerva, including the brand names Pummaro and Pelargos, and the tomato processing factory in Gastouni, Peloponnese (Greece).

Under the terms of the agreement, all workers in the tomato products sector will be transferred to the new owner. The agreement is expected to be completed by the end of the first half of 2021.
Chrysa Bonou, managing director in Minerva SA, commenting on the agreement, said that the acquisition of the tomato products operations and the Gastouni factory from Elais-Unilever was a significant expansion for Minerva and it offered the opportunity to enhance the company’s presence in this particular market and enrich its portfolio of brand names and products.

At the end of August 2020, Unilever announced its decision to proceed with the strategic evaluation of the tomato products sector in Greece. According to the management of the multinational, the goal of this process was to search for the most efficient model, which will contribute to the continuation of the company's development.

Since 1999, Pummaro and Stork belong to the main company, with the Gastouni factory implementing a program of “Sustainable and Contract Farming”, in the spirit and principles of the company's USLP (Unilever Sustainable Living Plan). It was noted that Pummaro has always been a leader in the Greek market, and in 2020, it recorded significant growth.

Therefore, the strong domestic brand of Pummaro is entering the portfolio of Deca Investments, which already has a presence in the production, processing and standardization of tomato and fruit juices through Damavand SA.

It should also be noted that the acquisition of Pummaro by Minerva (Deca) takes place almost a year and a half after the acquisition of Minerva Oleourgiki, for a price of EUR 41.5 million, which took place in August 2019.

Regarding the dynamics of Pummaro, over time it has taken a leading share in the sector, with a turnover of around EUR 12 million per year and a share of 40% in the passata category, 20% in the chopped tomato category and 7% in the tomato pulp category. As Elais-Unilever pointed out in the announcement through which it made public its intention to re-evaluate its tomato operations, in "the first and so critical half of 2020, Pummaro recorded significant growth". Through the Pummaro brand, its processing tomato business has recorded significant export performances, which in 2018 amounted to 25,000 mT.

It is indicative that about 45% of the production is exported, with the main outlet markets being Poland, France, the Netherlands, and England. Exports involve tomato juice as a raw material, not final products in retail packaging.
Thanks to the contract cultivation program, with 100 producers and the implementation of sustainable practices, the tomato factory in Gastouni reported a production of 45,000 mT, grown on 5,600 acres of land in 2018.

Sources: tornosnews.gr, imerisia.gr, capital.gr, m.naftemporiki.gr, amna.gr
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