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STUDEN –AGRANA INAUGURATES RAW SUGAR REFINERY IN BRCKO
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06.06.2008
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One of the largest food production plants in Bosnia and Herzegovina
Brcko, 6 June 2008 – The opening of STUDEN-AGRANA raw sugar refinery in Brcko represents the completion of one the largest industrial food projects of the past few years in Bosnia and Herzegovina (BiH). The refinery is jointly owned by AGRANA Group and its long–standing partner in the West Balkan region, Studen Holding|Vienna, with each partner holding a 50% stake.
The total investment in BiH's new and first-ever raw sugar refinery amounts to approx. KM 80 million (approx. € 40 million) and will create a total of 160 jobs. The annual production capacity of the refinery is 150,000 tonnes of white sugar made from imported raw sugar. In March 2008, the project was awarded the title of Best Foreign Greenfield Investment 2007 by the Foreign Investment Promotion Agency in Bosnia and Herzegovina.
The opening event included speeches by H.E. Dr. Nikola Spiric (Prime Minister of BiH), H.E. Dr. Werner Almhofer (Austrian Ambassador to BiH), Mirsad Djapo (Mayor of Brcko District), H.E. Dr. Raffi Gregorian (Supervisor of Brcko District), Ilija Studen (CEO of Studen Holding) and Johann Marihart (CEO of AGRANA Group). Many other high officials from BiH's political and economic elites attended the ceremony.
AGRANA CEO, Johann Marihart, explained the investment rationale as follows: "The West Balkan region has always been an important export destination for AGRANA. Due to the EU sugar market reform, the WTO Panel decision regarding the discontinuation of EU C sugar exports and the fact that Bosnia and Herzegovina as well as Albania are entirely depending on sugar imports, we decided to expand our production activities into Bosnia."
CEO of Studen Holding, Ilija Studen, said during the opening ceremony: "It is a great pleasure to officially open this sugar refinery today, as this project, with a construction time of less than two years, proves the quality of Studen and AGRANA's cooperation. Furthermore, it is my personal pleasure that Bosnia and Herzegovina was chosen as the best place for this raw sugar refinery that has already had a big impact on the strategic development of the country's food industry and the economy in general. Our recently signed sales joint venture will further strengthen our cooperation and help us to increase our market share in the West Balkan region in the period up to 2010."
About the Partners
Studen Holding specialises in trading white and raw sugar as well as oil seeds and edible oils in South-Eastern Europe. Last year, the company sold around 130,000 tonnes of sugar in the countries of the West Balkan region.
AGRANA is the leading sugar and starch producer in Central and Eastern Europe, the world market leader in fruit preparations, and one of the world's largest producers of fruit juices concentrates. In the fiscal year 2007|08 AGRANA's total revenues amounted to € 1.9 billion. The company's sugar segment now operates a total of nine production plants in Austria, Hungary, the Czech Republic, Slovakia, Romania and Bosnia and Herzegovina. In Bulgaria, AGRANA operates a packaging and sales joint venture with Zaharni Zavodi AD|Sofia. AGRANA employs more than 8,000 people in 25 countries around the world.
For further information about the partners please visit: www.sco-group.com and www.agrana.com or contact:
Natasa Pucar, Corporate PR Manager, SCO Holding
Tel: + 387 49 233 311
Fax: + 387 49 220 585
E-mail: natasa.pucar@sco-group.com
Ulrike Pichler, Public Relations Manager
AGRANA Beteiligungs-Aktiengesellschaft
Tel.: + 43 1 211 371 2084
Fax: + 43 1 211 371 2045
E-mail: ulrike.pichler@agrana.com
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