Fornetti to continue foreign expansion

Food

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.

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