Bucharest / RO. (vp / fro / wib) Vel Pitar SA, one of the biggest or «the» biggest player in the Romanian market, set into function a new bakery line in the beginning of October. It has an increased production capacity and belongs to a larger re-modernization process, the Bucharest-based group says in a statement. According to CEO Petru Cumpat, Vel Pitar reached a market share of ten percent this year in the bakery segment, compared to eight percent last year, considering the volume grew by seven percent.
George Frincu, president of the managing board of Vel Pitar said to «FinanciaRul», that the rise was prompted by the expansion of the range of products, but also the important investments in production. He said that this year, the group commissioned five new big-capacity production lines in the cities of Pitesti (southern Romania), Brasov (center) and Iasi (north-east).
In 2008 the group has scheduled investments worth 12,5 million EUR, the funds being destined for the bakery segment (Vel Pitar company), but also milling segment (Sapte Spice) and retail (VP Magassin). The investment plans focus on the acquisition of new technological lines, the continuation of the modernization process of the shop chain and of milling units, the implementation of specialized software, relocation of production facilities in Bucharest, as well as for communications campaigns.
The company reported this year a volume of sales for the bakery products of 10’000 tons a month. As regards the milling activity, the company has a market share of 15 percent. In Bucharest, Vel Pitar has a share of some 30 to 35 percent, Romania´s capital achieving some 30 percent of the company´s turnover. Vel Pitar for 2008 is targeting a turnover of 150 million EUR compared to 130 million EUR last year, company´s representatives said in June.
The Romanian bakery market is appraised at present at some two billion EUR. The main competitors are Vel Pitar, Titan, Boromir and Dobrogea Grup. Vel Pitar Group holds bakeries in ten Romanian counties and in Bucharest, having over 170 shops. According to FinanciaRul the group is owned by investment fund Broadhurst, managed by New Century Holdings (NCH).
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Orkla ASA: reports strong profit improvement in Q2-2024
- Cloetta AB: announces Q2-2024 interim report
- Axfood AB: Reports Q2-2024 Financial Results
- Chef Robotics: Launches AI-Powered Food Robot
- Conagra Brands: Reports Fourth Quarter 2024 Results
- Limerston Capital sells Village Bakery to Groupe Menissez
- GrubMarket: Buys Major Foodservice Company in Texas
- Lantmännen acquires Entrack AB
- DPC Dash: Concludes H1-2024 with Sustained Expansion
- Norway: Orkla Food Ingredients acquires FDE
- Fondo Italiano d’Investimento co-invests in Casa della Piada
- Greggs: invests in a new frozen manufacturing and logistics site
- Bundeskartellamt imposes fine against «Fritz!» manufacturer AVM
- Yum China: Celebrates Opening of its 200th KCoffee Store
- Beijing intends to roll out 5’400 food production robots
- K-Citymarket: sees significant sales growth in Finland
- DPC Dash: reaches 900-store milestone in China
- Coffee Holding: Terminates Merger with Delta Corp Holdings
- Perkins Restaurant + Bakery: introduces new brand identity
- Engelmans Bakery: acquires St. Armands Baking Company