Chipita

Businessman Spyros Theodoropoulos received the prestigious Alba Business Unusual Award from the Alba Graduate Business School of the American College of Greece for his continuous contribution to Greek entrepreneurship and society.

Conversely, time is running out for the formal completion of the agreement concerning the humongous 2 billion euro acquisition of the Chipita company by the multinational Mondelez, after the valuation report of PwC and the relevant decisions of the company's board at the end of June 2021.

Cold cuts producer BIKH has filed for bankruptcy in a bid for protection from its creditors, which could confiscate its assets, including its stock of products.

The rescue of troubled Epirus-based cold cuts producer VIKI appears to be in peril, as negotiations between its management, the creditor banks and its main suitor, Spyros Theodoropoulos, have come to a standstill.

Food company Chipita's consortium with Indian peer Britannia Industries foresees revenues of some 26.65 million euros in the first three years of operation in India and a 25 percent market share from the packaged croissant to be produced in the subcontinent.

The Chipita food company is investing 63 million euros in the construction of a major factory at Trnava in southern Slovakia to add to its production units in Poland as it strengthens its presence in Central Europe.

The new plant will employ more than 600 people and produce more than 72,000 tons of yeast products and snacks.

Indian company Britannia Industries Ltd announced it has signed a joint venture agreement with Greek food company Chipita, with the estimated investment in phase I of the joint venture at 1 billion rupees (14.1 million euros).

Britannia said it will hold 60 percent and Chipita will hold 40 percent of the share capital of the new company to be named Britchip Foods Ltd.

After an increase of Nikas's share capital was approved during a general meeting on Thursday, food company Chipita can now buy a majority stake in the troubled cold cuts producer.

Chipita is expected to pay up to 23.27 million euros for the controlling stake.

Eurobank, which controls 11.99 percent of Nikas, did not respond to questions about its plans for the company.

The year has started with the completion of an important deal that is set to signal the recovery of cured meat producer Nikas and expand the activity of new owner Chipita beyond the category of snack foods.