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September 9, 2004
Germain’s Technology Group
(Germain’s) and
Wielkopolska Hodowla Buraka Cukrowego (WHBC) have announced
the termination of their Joint Venture Agreement in Poland.
Germain’s have acquired the 35% shareholding in Germain’s Poland
held by WHBC giving the UK-based seed coating and enhancement
business 100% of the Polish company. Germain’s and WHBC have
been in partnership as “Germain’s Poland” since 1994 during
which time the business has grown from sugar beet seed pelleting
and coating to a much wider-based operation, which includes
horticultural species, as well as some field crops.
Commenting on the development, Paul Ayres, CEO of Germain’s
Technology Group, said, “We have enjoyed a positive relationship
in the Polish market with WHBC which has been to the mutual
benefit of both Companies. However, markets and economics
change and both parties considered that a suitable end point had
been reached. The decision to end the Agreement was therefore
entirely amicable. Germain’s will continue its business in
Poland from its base in Poznan and now look to further develop
opportunities in light of Poland’s accession to the EU.”
Mr Jozef Gienieczko, WHBC President, confirmed that the JV was
an interesting experience based on good relationships.
Commenting on the decision to disinvest from Germain’s, he said,
“Since joining the EU, WHBC now wants to dedicate all company
resources to the core business in order to maximise the chance
to supply the Polish market with competitive products.”
Germain’s is a wholly owned subsidiary of
Associated British Foods plc. |
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