Lotus Bakeries: completes purchase of Biscuiterie Willems

Lembeke / BE. (lbbv) In January 2013, Lotus Bakeries Group announced that the company and the shareholders of Biscuiterie Willems have concluded a binding agreement for the acquisition of Biscuiterie Willems BVBA and B.W.I. BVBA. Now all final agreements have therefore been signed, as a result the deal is completed. Biscuiterie Willems is a professionally organized operation, producing quality caramelized biscuits (speculoos) in a modern and highly automated factory in Eeklo (Belgium). Biscuiterie Willems has a turnover of over 23 million EUR and a recurring Ebitda of around 21 percent. Currently Lotus Bakeries produces speculoos at a single site. The acquisition fits well into securing business continuity for speculoos. For Lotus it is a great opportunity to own another speculoos plant, alongside Lembeke, inside the Group, the more so as the two plants lie just five kilometres apart. Lotus Bakeries´ strategy is to market speculoos also outside Europe and in the long term to build it into a world product. This acquisition strengthens Lotus Bakeries´ position in key growth markets like Asia, the Middle East and America, where Lotus Bakeries is already successful.

Lotus Bakeries announces joint venture in China

Lotus Bakeries Group and Goodwell China, part of Dah Chong Hong (DCH), announced in February that they have set up a joint venture. The new company called Lotus Bakeries China will exclusively focus on the further commercialisation, growth and development of Lotus Bakeries in China. The joint venture will be based in Shanghai. Currently Goodwell China already imports Lotus among others in China, realising significant growth with Lotus caramelised biscuits (speculoos). Following the establishment of the new company Lotus Bakeries China Lotus Bakeries and Goodwell China have now firmly opted in favour of a team which will exclusively focus on the further development of Lotus. The management and the Board of Directors of Lotus Bakeries expressed their satisfaction about this important strategic move in China. The aim is to start selling Lotus from July 2013 through the new company. The Dutchman Ronald Drieduite, currently Corporate Director EMEA within the Executive Committee, will be appointed as General Manager of Lotus Bakeries China and will move to Shanghai. His team will consist of managers with a Goodwell and Lotus Bakeries background allowing the joint venture to make optimum use of Goodwell´s knowledge and expertise of the Chinese market on the one hand and of the specific commercial know-how and product knowledge of Lotus on the other hand. Six members shall be appointed to the Board of Directors of this new company. Each of the partners in the joint venture can appoint three members. Within Lotus Bakeries´ Executive Committee John Van de Par will be appointed as Corporate Director EMEA + ICT. Van de Par is already a member of the Executive Committee of Lotus Bakeries and previously held the position of Financial Director of Koninklijke Peijnenburg.

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