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Torley group under restructuring

Torley Pezsgopinceszet, Hungary's best-known sparkling wine company, has reduced its registered capital from Ft 7.4 billion to Ft 5.6 billion. At the same time, a stake in Torley held by its subsidiary BB has been transferred back and BB's registered capital reduced from Ft 2.65 billion to Ft 50 million, business weekly HVG reported. The move is eliminating cross-ownership between the firms and is part of the restructuring of the Torley group, which is owned by Germany's Henkell + Sohnlein. The group's net assets will remain unchanged. The group also includes Hungarovin, Gyorgy-Villa Pinceszet, Francois Pezsgopinceszet, Hungaria Pezsgopinceszet. Torley has a 67% share of the sparkling wine market in Hungary and a 15% share of the bottled wine market. Torley had net revenue of Ft 13.9 billion in 2004, up from Ft 13.7 billion in 2003.