Saga Foods to spend HUF 600 mln on developments this year
Sága Foods, the Hungarian unit of British turkey processing company the Bernard Matthews group, plans to spend HUF 600 million on developments this year, mainly on upgrading packaging and on the manufacturing of ham products, CEO Zsolt Keleti told Hungarian news agency MTI.
The investments planned for 2017 are part of a three-year HUF 1 billion development program started in 2015, aiming at improving export capability and strengthening Sága Foodsʼ offer of convenience products, the CEO said.
The company is best known in Hungary for its poultry, ham, and frankfurter products.
In September 2016, the Bernard Matthews group was acquired by Boparan Holding. Sága Foods hopes to see further developments from the change in ownership, Keleti said.
Sága Foods had EBITDA of HUF 503 mln in 2016, up from HUF 414 mln a year earlier. Revenue has varied between HUF 8 bln and HUF 9 bln in the past three years (EBITDA), which the company plans to raise to more than HUF 10 bln by 2020.
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