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Humet North America to purchase majority stake in Organic Mission Magyarország

Humet North America Inc, a US unit of Hungarian pharmaceutical company Humet, agreed to acquire a 51% stake in Hungarian dietary-supplement and cosmetics company Organic Mission Magyarország on October 10, Humet announced.

Humet North America will pay for the majority stake in Organic Mission partially with cash and partially with Humet shares, thus decreasing Humet's stake in Humet North America to 95%, Humet reported without specifying the price.

Humet said that Organic Mission Magyarország is a profit-making and rapidly expanding company targeting 2010 revenue of more than HUF 1 billion.

With regard to the 16% flat-rate personal-income tax planned for next year, Varga said it has not been finalized yet, adding that Hungary needs a tax system that encourages people to work and creates jobs. The state secretary noted that it will be a proportionate tax system focusing on halting the population decline by encouraging families to have more children.

Answering a question, Varga admitted that the size of the state assistance required by the massive red-sludge spill cannot yet be estimated. (MTI – Econews)