To buy Polish Hortex just for EUR 300 mln.
According to information of Gazeta Gielda Parkiet, the foundation Argan Capital, chosen by the Bank of America to manage the largest Polish fruit&vegetable company Hortex, is possibly preparing to sell the company.
We'd like to remind that Hortex is the largest producer of flash frozen vegetables and fruits in Poland - it controls around one half of the market of this country. Also, Hortex is the largest player of Russian market of frozen vegetables, fruits and berries. According to the experts' evaluations, this company also occupies around one half of Russian market. In Poland Hortex is also one of the leaders of vegetable and fruit juice market; the value of its brand was estimated to be worth to nearly $50 mln. past year (42% more expensive than in the previous year).
The source informs, the owner can sell Hortex for EUR 300 mln. To the opinion of the analysts of CIS produce business periodical "Agrooglyad: Vegetables and Fruits" weekly, Bonduelle is one of the companies which may be interested to purchase Hortex; this way Bonduelle will be able to consolidate its positions on frozen fruit&vegetable market in Eastern Europe. In future the company may sell its juice business to someone of the world leading producers because this business is not a priority for the company. At the same time, to our opinion, there is a little possibility of the company's sales to some of the world leaders of juice market (Coca-Cola, PepsiCo), because frozen vegetables, fruits and berries constitute a too great specific weight in the company's revenues (this business is not traditional for these firms). Although the purchase of such asset with the following allocation of one of the business directions and the further sales may also have perspectives.
We'd like to remind that, for more than a year Hortex has been considering the possibility to construct own plant in Russia to produce frozen fruits and vegetables; however, the decision has not been made yet because of various reasons. You will learn the detailed perspectives of the market of flash frozen fruits and vegetables during CIS largest international conferences: "Fruit&Vegetable Business of Russia. Wealth of New Opportunities" and "Fruits and Vegetables of Ukraine 2007. Meeting New Leader".
Historia firmy Hortex sięga lat czterdziestych dwudziestego wieku. Na przestrzeni dziesięcioleci przedsiębiorstwo urosło w swojej branży do rangi symbolu. Dziś marka "HORTEX" jest łatwo rozpoznawana i bezbłędnie kojarzona z firmą oraz jej produktami zarówno w kraju, jak i za granicą.
Jeszcze przed całkowitym zakończeniem działań wojennych, w 1944 r. powstaje Centrala Gospodarcza Spółdzielni Ogrodniczych Rzeczpospolitej Polskiej, przekształcona w 1949 r. w Centralę Spółdzielni Ogrodniczych (CSO).
Dzięki dynamicznemu rozwojowi rolnictwa i sadownictwa w powojennej Polsce rośnie eksport płodów rolnych. Zgodnie z powszechną wówczas praktyką, w ramach CSO powstaje w 1958 r. Przedsiębiorstwo Handlu Zagranicznego "HORTEX". Swą nazwę wywodzi od łacińskiego słowa hortus, czyli ogród. W tym samym roku logo i nazwa Hortex zostają po raz pierwszy zarejestrowane w Urzędzie Patentowym.
W 1965 roku w nowopowstałym zakładzie produkcyjnym w Górze Kalwarii zaczął działać pierwszy w Polsce tunel chłodniczy do produkcji mrożonych warzyw i owoców.
W latach 70-tych Hortex jest jednym z głównych dostawców wyrobów rolno-spożywczych w tej części Europy.
W połowie lat 80-tych Hortex jest światowym liderem w produkcji koncentratów soków owocowych, przede wszystkim koncentratu soku jabłkowego.
W 1989 r. na bazie przejętego majątku zakładów przetwórczych, PHZ oraz Centrali Spółdzielni Ogrodniczych i Pszczelarskich powstaje Hortex Sp. z o.o., która pięć lat później zostaje przejęta przez trzy banki: Bank Gospodarki Żywnościowej SA, Bank Handlowy w Warszawie SA oraz Wielkopolski Bank Kredytowy SA.
W 1997 r. przedsiębiorstwo rozpoczyna działalność jako Hortex Holding Spółka Akcyjna. Jednocześnie w jego akcjonariacie zachodzą zmiany. Nowymi akcjonariuszami stają się Europejski Bank Odbudowy i Rozwoju (EBOiR) oraz Bank of America. Zapoczątkowały one przemiany w funkcjonowaniu Hortex, które dały stabilne podstawy rozwoju firmy i w efekcie zapewniły jej rentowność.
Dzień dzisiejszy
Początek XXI wieku to okres radykalnej rekonstrukcji firmy Hortex. Obecnie Hortex Holding SA jest niepubliczną spółką akcyjną, której większościowym akcjonariuszem są fundusze powiązane z Bank of America. Od maja 2003 r. fundusze te skupiają ponad 93% akcji firmy Hortex. Pozostałe akcje znajdują się w rękach blisko 600 drobnych akcjonariuszy. Ich przedstawiciel zajmuje jedno miejsce w 5 osobowej Radzie Nadzorczej.
Firma skupia się na dwóch podstawowych obszarach: produkcji soków i napojów oraz produkcji mrożonych warzyw i owoców; trzecim istotnym polem działania jest wytwarzanie koncentratu soków owocowych. W celu podniesienia efektywności produkcja zostaje skoncentrowana w 3 wyspecjalizowanych, nowoczesnych zakładach przetwórczych (w Rykach, Skierniewicach i Przysusze k/Radomia).
Firma zatrudnia około 1250 pracowników. Liczba ta zwiększa się o 150 pracowników sezonowych, zatrudnianych w okresie skupu i przerobu warzyw i owoców (lipiec-grudzień).
Konsekwentna realizacja obranej przez firmę strategii i efektywność przeprowadzanych działań sprawia, że Hortex jest nadal jedną z najsilniejszych marek na polskim rynku.
Grasz w zielone? Gram! Masz zielone? Mam „Szpinak liście” Hortex
Szpinak po raz pierwszy zagościł na europejskich stołach ok. IX wieku, gdy przywieźli go Arabowie z dalekiej Persji. Smakowano go na różne sposoby: gotowano, smażono lub po prostu serwowano na surowo. Prawdziwą popularność zyskał dzięki zakonnicom, które chorym w przytułkach podawały wino szpinakowe, dzięki któremu chorzy szybciej odzyskiwali siły i witalność.
Szpinak jest niezwykle wartościowym warzywem - zawiera magnez, sód, potas, wapń, mangan, żelazo i inne pierwiastki. Jest także źródłem witaminy E, K, witamin z grupy B i biotyny. To zielone warzywo dostarcza nam również beta-karoten i witaminę C – przeciwutleniacze chroniące m.in. przed nowotworami. Dzięki temu szpinak jest rośliną, która ma wyjątkowo dobroczynny wpływ na nasze zdrowie i samopoczucie.
„Szpinak liście” Hortex został poddany starannemu procesowi zamrażania, podczas którego to cenne warzywo w pełni zachowuje swoje wartości odżywcze, dzięki czemu przez cały rok, możemy dostarczać naszemu organizmowi niezbędnych witamin i soli mineralnych. „Szpinak liście” to świetny pomysł zarówno na samodzielne danie, jak i na dodatek do makaronów, mięs, zapiekanek i innych potraw.
„Szpinak liście” HORTEX dostępny jest w opakowaniu 450g w rekomendowanej cenie detalicznej
Dane kontaktowe:
Hortex Tops in Frozen Foods
10 March 2004
Hortex Holding SA, the largest producer of frozen foods in Poland, has consistently expanded its exports of frozen foods to Russia, the company's most important export market. Over the past seven months, Hortex has sold 12.2 tonnes on this key eastern market, which is 26.7 percent more than in the same period in the previous years.
According to research conducted by Vetra Marketing, a company specialized in investigating the Russian food product market, Hortex is the largest exporter of frozen foods to Russia. The company's participation in Russia's import of packaged frozen vegetables and fruits exceeds 40 percent. Poland's export and participation in sales of frozen foods in Russia is growing as well.
"We put special emphasis on export, especially to the eastern markets, in the growth of the frozen food business of Hortex," said Tomasz Kurpisz, president of the board of Hortex Holding. "Russia, which has been developing very fast in recent years, is no longer a country where you can easily sell anything. In the consolidation of our position on this market, a key role is played by our knowledge of Russia, appreciation of the growing expectations of Russian consumers and the high quality of Hortex frozen foods."
In Russia, the majority of frozen food consumption is satisfied by import, with a share in the entire market of between 75 and 90 percent, according to various estimates. Polish producers dominate in imports of frozen foods to Russia, both in retail import-the most important section of the market-and in industrial frozen foods. According to Vetra Marketing's research, from June 2002 to May 2003 the share of imports from Poland in the total import of frozen foods to Russia's retail market grew from 81.6 percent to 84.6 percent in comparison to the period June 2001-May 2002, reaching 52,500 tonnes.
18 June 1997
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Hortex Holding S. A. [Project Summary Document]
EBRD and Bank of America invest US$ 53 million in Hortex
Hortex, the leading Polish fruit and vegetable processing company, yesterday signed an agreement with the European Bank for Reconstruction and Development (EBRD) and Bank of America to pave the way for the modernisation and expansion of its operations. The agreement makes available US$ 53 million of new equity capital to Hortex over the next two years, starting with an immediate injection of US$ 28 million by the EBRD and Bank of America for a combined 41 per cent stake in the company. It is the intention of the company and its shareholders to list Hortex on a public stock exchange within the next three years.
Andrzej Szablewski, Chairman of Hortex’s Management Board, said: "This new investment was made possible by our successful financial restructuring in 1995 and Hortex's improving market position. The capital injection will allow Hortex to enhance its competitiveness on its domestic market and facilitate an expansion into markets to the east. Given Poland's expected accession to the European Union, the new capital will also help the company to meet new challenges in the areas of production, management information and environmental impact."
"In addition to its fine growth prospects, Hortex is a unique vehicle through which to support the Polish fruit and vegetable farming community", said Hans Christian Jacobsen, Director of the EBRD's Agribusiness Team. "Hortex provides a market and infrastructure for the collection of quality farm products while playing a crucial role in the provision of services and crop financing to its suppliers."
"We are impressed with the successful restructuring and repositioning of Hortex carried out by its management. We are delighted to back the company with additional growth capital and look forward to working with our new partners to extend the company's position as one of the leading consumer brand franchises in the region," said William Obenshain, Managing Director and Head of European Private Equity for Bank of America.
Jaroslaw Biernacki, Executive Vice-President of Bank Gospodarki Zywnosciowej (BGZ), a major shareholder in Hortex, commented: "This transaction is a milestone in Hortex’s restructuring. Under its new management, the company has enjoyed increasing operating profits over the past two fiscal years. The restructuring, consisting of debt write-offs and a comprehensive new business approach, has proven successful."
Przemyslaw Krych, Director of Equity Investments of Bank Handlowy, another major shareholder, and Chairman of Hortex’s Supervisory Board, added: "We are extremely satisfied with the entrance of our new prestigious partners and look forward to the realisation of our common goals. Bank Handlowy is reclassifying its Hortex equity stake from the 'restructuring' category to the stronger 'active' portfolio, as we expect rapid growth in the value of our stake."
In the 12 months ended May 1997, Hortex had sales of approximately US$ 230 million (25 per cent growth over the previous 12 months) and operating profit of US$ 45 million. Operating from ten plants across Poland, Hortex employs approximately 5,600 people. Following the new equity investment, the shareholding structure is as follows: BGZ 25.3 per cent, EBRD 20.5 per cent, Bank of America 20.5 per cent, Bank Handlowy 15.2 per cent and others 18.5 per cent
Hortex Holding, leader in manufacturing of processed fruit and vegetables, chooses SAP and BCC
Hortex is the first company in Poland to transfer to SAP under the Safe Passage program and to use mySAP ERP and SAP Beverage solutions for beverages production management.
SAP Polska has reported signing a contract for sale and implementation of SAP solutions in Hortex Holding SA. Hortex is a leader in the production of juices, beverages and frozen foods in Poland. mySAP ERP and SAP Beverage solutions will replace the previously used systems, including Oracle E-Business Suite. Hortex is the first company in Poland to participate in Safe Passage, a safe migration into SAP solutions.
Supported by mySAP ERP, Hortex Holding SA will create an integrated system supporting company management in finance, including accounting, controlling, fixed assets and receivables management. The main aim of SAP implementation in Hortex Holding SA is also improving production and distribution processes as well as its materials management, supply, sales and logistics and finally personnel and payroll management. mySAP ERP will help increase the efficiency of logistics; cost analysis, which has been done with simple spreadsheets so far, will be replaced by up-to-date controlling. The implementation of mySAP ERP and SAP Beverage will cover the whole of Hortex’s production concentrated in three plants.
The implementation will be carried out by BCC, SAP dedicated partner in food industry. Implementation works will be supervised by SAP consulting experts. The planned starting date for mySAP ERP and SAP Beverage implementation is February. mySAP ERP and SAP Beverage solutions will completely replace the systems used so far.
Hortex Holding SA company will also use an integrated industry solution created particularly for consumer goods businesses and beverages manufacturers, namely SAP Beverage. The solution helps reflect all the supply chain and combine purchase and sales markets with internal operations and with external partners. Thanks to SAP Beverage solution Hortex will increase its flexibility in supply chain management in all its stages from suppliers to customers, which will shorten the time of launching new products onto the market and considerably lower costs.
The decision to buy a new system was preceeded by a thorough analysis of solutions available on the market. ”At first we considered the purchase of a system with fewer functionalities, targeted at middle sized businesses. Finally we decided on mySAP ERP system, which in our estimation also provides industrial solutions, thus helping better model business processes particular for our company’s operations”, said Tomasz Kurpisz, the chairman of Holding Hortex SA. The investment into a system of such quality as SAP also results from high development potential of Hortex, which in Polish market is among leading producers of juices and is a definite leader in fruit and vegetables frozen foods” , added Tomasz Kurpisz.
”We expect that the implementation of mySAP ERP will help quickly modernize our IT structure and thus obtain a modern integrated solution for managing the company”, said Jaromir Wróblewski, IT director in Hortex Holding SA. Later on the company plans to develop strategic organization management by means of SAP SEM (Strategic Enterprise Management) in order to optimize company’s development strategy.
”The fact that Hortex has chosen SAP confirms the efficiency of SAP Safe Passage, which provides businesses with a guarantee of investment certainty as well as a clear map of implementing new generation business software”, said Grzegorz Rogaliński, chairman of SAP Polska. ”Thanks to the contract with Hortex SAP significantly strengthens its market standing among ERP systems suppliers for FMCG businesses. By implementing SAP software Hortex joins the world leaders in food industry that use the so-called best practices, based on SAP ‘s years-long experience in cooperation with such leaders”, he added.
Hortex Group is a leading manufacturer of processed fruit and vegetables in Poland. It specializes in juices and beverages production as well as frozen fruit and vegetables. The frozen foods, whose market share exceeds 50%, are produced in two Polski Ogród plants, which make a subsidiary of Hortex Holding SA. One is located in Ryki, Lubelskie province, and is mostly export-oriented, while the other is in Skierniewice, Łódzkie province, and produces mostly for domestic market. On the other hand, the whole production of juices and beverages has been concentrated in one, modernized and developed plant in Przysucha near Radom. The company’s share in juices, beverages and nectars’ market has reached almost 18%. In the last financial year Hortex increased its sales by almost PLN 80 m, up to PLN 528.6m. Also both main areas of Hortex group operations, namely juices and frozen foods, reported growth in sales by almost 20% and over 40% respectively when compared with 2003/04. Further information: www.hortex.com.pl
Hortex Holding SA i
Polski Ogród Sp. z o.o.
ul. Mszczonowska 2
02-337 Warszawa
tel. (022) 333 00 00
infolinia: 0 801 12 00 33
e-mail: klient.kontakt@hortex.com.pl
Dane spółek:
Hortex Holding S.A.
ul. Mszczonowska 2,
02-337 Warszawa
NIP: 567 14 07 582
KRS: 0000032687
Polski Ogród Sp. z o.o.
ul. Mszczonowska 2
02-337 Warszawa
NIP: 836 17 18 332
KRS: 0000168044
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