VIVARTIA S.A. announces the signing of a non legally binding Memorandum of Understanding, with the shareholder of ELLINIKI ZYMI SA, Mr. Michalis Arabatzis, for the swap of shares of 49% of ELLINIKI ZYMI SA, with 49% of ALESSIS SA which is a 100% subsidiary of VIVARTIA S.A.
Both companies operate in the market of frozen dough products. For the year 2005 the turnover, profits before tax and EBITDA of ELLINIKI ZYMI SA were euro 18.549.565, euro 2.709.273 and euro 4.392.753 respectively and the turnover, profits before tax and EBITDA of ALESSIS SA were euro 21.530.069, euro 2.153.773 and euro 2.814.995 respectively.
In case the negotiations of the parties are successful, they will execute a binding agreement within the next few weeks.