Fornetti to continue foreign expansion
Hungarian bakery company Fornetti plans to expand its foreign network with at least 100 retail outlets and franchises in the business year starting August 1, the firmʼs CEO said in an interview on the website of business daily Világgazdaság Monday, picked up by state news wire MTI.
CEO Balthas Klein said the company will focus mainly on countries in the region - Romania, Bulgaria and Poland - but will also strengthen its presence in Austria. Fornetti will enter the market in Cyprus, as well as Croatia and Slovenia, Klein added.
Swiss food business Aryzta bought Fornetti two years ago and invested almost EUR 8 million in the company in the year after the acquisition. A further EUR 1 mln is being spent on an upgrade at Fornettiʼs plant in Kiskunfélegyháza (in southeast Hungary), while new production lines are being installed in Kecskemét (central Hungary) and at the companyʼs factory in Romania.
Fornetti products are sold at almost 4,000 branded bakeries and more than 2,000 retailers in eleven countries. It employs more than 970 people in Hungary and a further 500 in Timișoara, Romania, and Ihtiman, Bulgaria.
Fornettiʼs turnover is expected to climb to over HUF 30 billion in the business year ending July 31.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.