Global Green Company Ltd, the foods division of the USd 3 billion Avantha Group, announced the completion of the acquisition of Hungarian company Puszta Konzerv Kft.
Based in Balmazujvaros, near Debrecen in Eastern Hungary, Puszta Konzerv manufactures different types of canned vegetables and fruit.
Gautam Thapar, chairman and CEO, Avantha Group, said, “Avantha is on a path to significantly scale up emerging businesses, and we foresee a growth opportunity in the acquisition of Puszta. This strategic move will also strengthen our plans to consolidate market leadership globally.”
Elaborating on Avantha’s growing association with the East European country, Thapar said, “The Group now has a larger presence in Hungary. Besides Puszta, Global Green already has facilities in Dunakiliti, while Ganz is well known for its design and manufacturing of mineral oil immersed transformers, HT motors and EHV switchgear.”
Vineet Chhabra, managing director and Group CEO of Global Green said, “The acquisition is part of a long-term strategy to quadruple Global Green’s business by 2013. Puszta has a strong presence in eastern and central European markets including the Baltic States and the Balkan region, and hence this acquisition will give the company a footprint in that region. Further, there will be an opportunity to cross-leverage products to all customers globally.”