Gallicoop eyes western European markets

Telco

Hungarian poultry processor Gallicoop Pulykafeldolgozó said today that it had found new markets in Western Europe for its products earlier sold to Russia and that it had managed to retain its revenue, Hungarian news agency MTI cited chairman-CEO István Erdélyi as saying.

Erdélyi said that the company saw a revenue of HUF 33 bln last year, up by HUF 1 bln. Gallicoop processed 40,000 tons of turkey last year, up from the previous year’s 37,000 tons. The company plans to maintain that level this year as well.

Although Gallicoop's Russian exports were hit by the import ban introduced by Russia in August of last year, the company managed to sell to Western Europe markets the volume it would have exported to Russia thanks to a favorable turn in market conditions, the CEO added.

According to Erdélyi, Russian exports accounted for 5-7% of the company's exports. Gallicoop exports 35% of its output in volume terms and 40% in value terms, Erdélyi said.

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