LaDorna buys institute for 8m euros

A consortium comprising Dorna Branzeturi SA, Dorna SA, LaDorna Agri SA, LaDorna Cheese SA and Jean Valvis, chairman of the LaDorna Group, bought from the Privatisation Authority 84.5% in Institutul de Cercetare si Productie pentru Pasari si Animale Mici (Poultry and Small Animals Research Institute) Balotesti SA. The stated transaction value is 8.8 million euros and includes the price for the stake, the working capital and the technological environment investments. The company officials confirmed LaDorna would indeed launch chicken-based products but declined providing further details. LaDorna logged 17 million euro turnover last year, up 112% from the previous year. It makes milk, cream, Swiss cheese and butter. It is running a 16 million euro investment programme for 2003-2004, primarily aimed at launching new products and supporting farmers. ZF