Global Green buys Hungarian co

Bangalore: Global Green Company, the foods division of the $3-billion Avantha Group, announced the acquisition of Hungarian company Puszta Konzerv Kft for an undisclosed amount. Based in Balmazujvaros, near Debrecen in Eastern Hungary, Puszta Konzerv manufactures sweet corn, peas, gherkins, mixed pickles, lecsó and tomatoes.

Mr Gautam Thapar, Chairman & 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.”

Speaking about Avantha’s growing association with the East European country, Mr Thapar said, “The Group now has a larger presence in Hungary. Besides Puszta, Global Green already has facilities in Dunakiliti, while Ganz, which is well-known for its design and manufacture of mineral oil immersed transformers, HT motors and EHV switchgear, is headquartered in this country.”

Mr 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 Global Green a footprint in that region. Further, there will be an opportunity to cross-leverage products to all customers globally.”

Puszta Konzerv Kft. was established in 2001 by two Hungarian businessmen.