Corona-Lotus: now 100% subsidiary of Lotus Bakeries

Lembeke / BE. (lbbv) Lotus Bakeries NV announced in December 2008, that Corona-Lotus Inc. (USA) will become a 100 percent subsidiary of the Belgian Lotus Bakeries Group. As planned, the final closing took place in April 2009 with the remaining 50 percent of the shares of Corona-Lotus being transferred to the Lotus Bakeries Group. Following this a long term agreement was concluded with The Gourmet Center Inc. and Lotus Bakeries, under the terms of which, as in the past, The Gourmet Center will continue to sell Lotus caramelized biscuits on an exclusive basis to the airline industry in the United States.

In the mid-eighties The Gourmet Center, an American company that supplies food and beverages to the airline industry, began distributing Lotus´s caramelised biscuits («speculoos»), to airline companies in the United States. In response to the specific demand for the biscuits, a mail order business was developed. In 1990, Corona-Lotus was founded as a joint venture between The Gourmet Center and Lotus Bakeries (50:50). Corona-Lotus´ main focus was the catalog sales business. However in recent years, the company also started selling Lotus caramelised biscuits, under the «Biscoff» brand name, to the American retail market.

In 2007, Corona-Lotus realized a turnover of 7,35 million USD. The EBIT before exchange rate results amounted to about 20 percent on turnover. With growing retail sales, the company expects an internal growth of about 20 percent in 2008. The transaction values Corona-Lotus at about eight times estimated EBIT for 2008 before exchange rate results.

In November 2008 Lotus Bakeries acquired the Swedish Annas Pepparkakor Holding AB, which has North America as its largest market with a yearly turnover of nine million USD. From the second half of 2009, Corona-Lotus and Annas North America will be integrated.

About: Lotus Bakeries NV focuses on authentic specialities from the biscuit and cake world: caramelized biscuits, gingerbread, cake specialties, waffles and pepparkakor biscuits. Lotus Bakeries, with headquarters in Belgium, is a dynamic, internationally oriented company with production facilities in Belgium, the Netherlands, France, Sweden and Canada, own sales organizations in nine European countries, in the United States of America, Canada and an export department for the other countries. With 1’245 employees, Lotus Bakeries produces and sells high-quality, tasty products under the Lotus, Peijnenburg and Annas brand names. In 2008 the Group achieved a turnover of 256,7 million EUR.