January 31 (SeeNews) - British-Dutch transnational consumer goods company Unilever said on Wednesday that it has signed an agreement to buy Romanian ice-cream producer Betty Ice for an undisclosed sum.
The agreement is subject to regulatory approval by the Romanian competition authorities.
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Unilever’s South Central Europe Ice Cream division and Betty Ice will operate as a standalone unit within Unilever and will be led by Betty Ice founder and owner Vasile Armenean, Unilever said in a press release.
"We are delighted that Betty Ice will join the Unilever family. Betty Ice is a wonderful business, much loved by Romanians. I am also very pleased that Vasile Armenean has decided to join our company. He is an outstanding entrepreneur and he will play an instrumental role in creating a bright future for this new business," Unilever South Central Europe managing director, James Simmons, said.
This partnership aims to further expand the brand by combining the strengths of the Unilever group with the local ice-cream market expertise and knowhow of Betty Ice founder.
"In 23 years we have grown a great business in Romania, and we are proud that Betty Ice, the number one Romanian ice cream brand, will join the portfolio of the number one ice cream producer in the world. Our legacy and Unilever’s vision are a perfect match for the future of Betty Ice brand," Vasile Armenean said.
Betty Ice was founded in 1994 and currently employs 760 people in its factory in Suceava and in more than 180 ice cream kiosks open during summer time.
In 2016, Betty Ice posted a 23.3 million lei ($6.2 million/ 5 million euro) profit, up 3% on the year, on a turnover of 127 million lei, up 12% on the year, according to the latest data from the company posted on the finance ministry website.
(1 euro=4.6582 lei)