Thai President Foods to buy Hungarian plant
Thailand-based Thai President Foods, hoping to take advantage of Europe’s general economic malaise, seeks to buy an unnamed extant Hungarian base of operations for up to THB 300 million (approximately €7.1 million/HUF 2.1 billion) by January 2014.
Company president Suchai Ratanajiajaroen was quoted in India-based media as explaining that “Because of the economic slowdown in Europe, we will be able to purchase the plant at a good price,” but that “the most important issue is whether we will be able to export instant noodles from our plant in Hungary to other markets in Europe … We have already exported instant noodles to those European markets from Thailand, but faced many difficulties, including high transport and freight costs, high import duties and currency fluctuation.”
Thai President Foods Hungary was established in May 2013 with capital of HUF 2.35 billion.
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