Lotus Bakeries Acquires Full Control of Joint Venture

Belgium-based biscuit company Lotus Bakeries has acquired all the remaining shares in its Italian marketing joint venture Lotus Bakeries Italia. In February 2019, together with Italian distributor partner Lona, Lotus Bakeries set up a joint venture to focus exclusively on marketing Lotus brands. From the outset, Lotus already owned the majority of the shares in this joint venture, with an option to ultimately acquire all of the shares.

From a new office in Milan, Lotus Bakeries’ own team will further strengthen its position on the Italian market.

CEO Jan Boone, said: “With the acquisition of full control over our entity of Italy, we’re taking our next step in this major consumer market. With the necessary focus and support from the rest of the Group, a team of Lotus employees based in our own office in Milan, will be able to take the next steps to increase market penetration in this country.”

Lotus Bakeries added that it will continue its collaboration with Lona for warehousing and distribution services.