ROMANIA: Albalact, 7% business growth in 2015 | Progresiv

Dairy manufacturer Albalact reported for 2015 a turnover of 452 million lei, up by 7% over 2014, according to the preliminary financial report released by the company. The profit recorded a decrease of 100,000 lei from the previous year, the company last year reporting a net profit of 14.8 million lei.

In 2015, the dairy manufacturer had total debts worth 147.8 million lei less than in 2014. Of the total debt, loans represent almost 42 million lei.

Albalact, a company controlled by the Ciurtin family, will be taken over by French group Lactalis, the purchase price to be announced in the next period. For starters, Lactalis has signed a contract with vendor shareholders holding 70.3% of the aggregate capital of Albalact, namely: Raul Ciurtin, Lorena Beatrice Ciurtin, Crisware Holdings Limited, Croniar Holdings Limited (44,85%) și RC2 (Cyprus) Limited (25,45%). Ciurtin indirectly holds Albalact shares through Crisware Holdings Limited and Croniar Holdings Limited.

The transaction will be completed most likely in the first half of this year, after the Competition Council will approve the takeover of Albalact by Lactalis.

Albalact holds two daity factories - Albalact at Oiejdea and Raraul in Campulung – as well as a transport company - Albalact Logistic, and has over 900 employees. The company has a portfolio of over 150 products, marketed under its five brands: Zuzu, Fulga, De Albalact, Raraul and Poiana Florilor.