Acquisitions double Vel Pitar turnover

Milling and bakery products maker Vel Pitar Ramnicu Valcea posted 528bn ROL  ($16.1 million) in turnover for the first nine months of 2002, that is 125% more in real terms than in the same time last year. Revenues related to the output sales went up nearly three times, reaching 402bn ROL, whilst the revenues collected from selling merchandise doubled, amounting to 126bn ROL. The spectacular growth is mainly due to the two mergers conducted by Vel Pitar in late last year. Mopariv Ramnicu Valcea engulfed two bread making factories, Berceni Bucharest and Granpan Tecuci in December 2001, with the new company changing its name to Vel Pitar. Mopariv Ramnicu Valcea had merged with Panegrano Cluj-Napoca the year before, with the new entity retaining the Mopariv name. At the end of September, the shareholders endorsed the merger by absorption between Vel Pitar and Spicul Arges, a company dealing in the same industry. Since the merger took effect after the end of Q3, the financial results do not include those of Spicul Arges. Vel Pitar’s majority shareholder is Broadhurst investment fund that owns 72.3% in the company, while Vel Pitar retains 5.7% of the entire stock. ZF