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Állami Nyomda CEO confirms company plans to make acquisitions this year

Hungarian printing company Állami Nyomda intends to make two long-planned acquisitions in 2010, company CEO Gábor Zsámboki confirmed in an interview published in the business daily Napi Gazdaság on Tuesday.

Zsámboki said that Állami Nyomda is planning to acquire two unnamed printing companies, one in western Europe and one in eastern Europe, during the first half of this year.

The Állami Nyomda CEO added that the company has not yet determined whether it will finance the acquisitions through loans or other sources.

Zsámboki remarked that he is confident that Állami Nyomda's shareholders will adopt the board's proposal that the company pay no dividend this year in order to raise the funds necessary to make the acquisitions.

Last year, Állami Nyomda made €1.5 million in developments that have served to considerably increase the company's capacity, Zsámboki noted.

The company CEO predicted that Állami Nyomda would begin to generate significant growth again in 2011.

MTI reported on March 3 that Allami Nyomda posted net profit of HUF 1.06 billion (€4.01 million) in 2009, down 19.8% from HUF 1.32 billion in 2008, recording turnover of HUF 13.24 billion last year, down 9.4% yr/yr. (MTI-Econews)