60% of Pangram sold to Italian-based Foodco

Businessman Ioan Popa, owner of Resita-based Pangram, the third largest player on the local pasta market, has sold 60% of the company to the Italian group Foodco, one of the leading players on the Italian bakery market. In the wake of the transaction, Ioan Popa is left with a minority stake in the company. “Whereas up until 1999-2002 we saw increases of up to 100%, over the last few years, we have only managed to see increases of merely 15%. We could not grow organically any further, which is why we looked for a partner who would make our company’s business more dynamic, and would help boost our financial results,” stated Ioan Popa, the company’s general manager. He did not wish to reveal the value of the transaction, but, according to market sources, this acquisition amounted to around 10 million euros. Resita-based Pangram posted a 17.1 million-euro turnover in 2006, with an operating income of 2.2 million euros. “For the next few years, we budgeted increases of around 30%, so we are expecting to post a turnover of 26 million-euro this year, and reach 30 million euros by 2008,” stated the general manager of Pangram.