euro adhoc: AGRANA Beteiligungs-AG
Mergers - Acquisitions - Takeovers
AGRANA
launches Apple Juice Production in China
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
12.06.2006
Vienna/Beijing - ARANA, the leading European producer of apple juice concentrates, signed a Joint Venture Agreement in China. It has acquired a 50 per cent stake in concentrates manufacturer Xianyang Andre Juice Co. Ltd, which is a subsidiary of Hong Kong listed company Yantai North Andre Juice Company, Ltd.
A part of the investment will be brought into the company within the scope of a capital increase and will be used to finance enlargement of its factory. The factorys current annual capacity of 30,000 tonnes of apple juice concentrates is already planned to double in 2007.
China is the worlds largest producer of apple juice concentrates. Depending on the harvest, it makes 500,000 to 600,000 tonnes a year. Between 80 and 85 per cent is exported. Because it lacks the acidity that is typical of European concentrates, Chinese apple juice is classified as "sweet".
AGRANAs new Xianyang Andre Juice Co. Ltd. joint venture has a factory located directly in Chinas largest apple growing area in the province of Shaanxi. The Joint Venture company started production of apple juice concentrate in 2005. Between August and December 2005, the factory and its workforce of about 160 people were already able to make some 12,000 tonnes of apple juice concentrates. Revenues during the 2007 financial year are expected to total about EUR 24 million.
AGRANAs joint venture partner Yantai North Andre has five additional concentrate production facilities of its own. Further more, a pectin production is currently built up. The groups revenues during 2005 came to the equivalent of approximately EUR 66 million.
The Joint Venture Agreement will be effective after grant of approval by the relevant Authorities.
This press release is also available in the Internet at www.agrana.com.
end of announcement euro adhoc 12.06.2006 07:30:00
Further inquiry note:
AGRANA Beteiligungs-AG
Doris Schober
Investor Relations/Corporate Communications
Phone: +43-1-211 37-2084
e-mail: investor.relations@agrana.at
Branche: Food
ISIN: AT0000603709
WKN: 779535
Index: ATX Prime, WBI
Börsen: Wiener Börse AG / official market
Original content of: AGRANA Beteiligungs-AG, transmitted by news aktuell