LT Foods Expands Bite by Acquiring Global Green Europe

LT Foods is set to acquire Global Green Europe Kft, a Hungary-based company, for €25 million. The deal enhances LT Foods' presence in Europe's packaged food market and strengthens its ready-to-eat segments. Global Green Europe operates in 30 countries and has annual revenue of €40 million.

LT Foods announced Tuesday its agreement to acquire Hungary's Global Green Europe Kft for €25 million, aiming to bolster its footprint in the European packaged food sector.

The company will initially pay €6 million to secure the equity stake, with an additional €1.8 million suited for distribution in a two-year earn-out schedule, according to regulatory filings. Additionally, LT Foods will assume Global Green Europe's existing debts.

This acquisition, awaiting foreign direct investment approval in Hungary, involves subsidiaries in the UK and Greenhouse Agrar Kft supporting distribution. Global Green Europe, boasting an annual revenue of €40 million, operates two Hungarian manufacturing sites and distributes its products to over 30 European countries.

(With inputs from agencies.)