Press Release: Loulis Mills S.A in Strategic Cooperation with LLI AG
STRATEGIC COOPERATION WITH THE AUSTRIAN COMPANY Leipnik-Lundenburger Invest Beteiligungs AG
Athens, 2nd of April 2007
Loulis Mills S.A signed a pre agreement for the transfer of shares representing the 60% of the subsidiaries LOULIS S.A. in Romania and SOFIA MEL S.A. in Bulgaria to the Austrian Compnay Leipnik-Lundenburger Invest Beteiligungs AG The total price for this transfer amounts to 50 million euro.
The final agreement will be signed with the approval by the appropriate authorities of the involved countries. Loulis Group, despite the transfer of the Majority Stakes, will maintain the management of the Company.
A pre agreement was also signed for the transfer of a Minority Stake of Loulis Mills S.A, as well as of the Albanian Subsidiary ATLAS S.A., from Loulis Family. Therefore, following the transfer of the above stakes, Leipnik-Lundenburger Invest Beteiligungs AG will own a Majority Stake in the Romanian and Bulgarian Subsidiary, and a Minority Stake in the mother company, Loulis Mills S.A and in its Albanian subsidiary
Leipnik Lundenburger founded on the 28th of May 1867 in Vienna and oriented in the food industry in the whole Austrian Hungarian area, has posed a continuous uprising performance throughout the140 years of operation.
After the war, the control of this large company was taken by Raiffeisen Bank which renamed it to Leipnik Lundenburger Invest.
Today, Raiffeisen Holding Niederösterreich - Wien is present in 570 businesses in the Industry, the Mass Media, Service Provision, Real Estate and Banking. Total employees counts to134.000.
The signing of this agreement will initiate a strategic cooperation between the largest Flour Industry Group in the Balkans and one of the largest Group world-wide. LLI, following this agreement, will rise to the top of the World-wide Flour Industry. This agreement is expected to have multiple benefits for both sides. Especially during these times of Globalization, when co-operations as such are considered necessary for the survival and the long term development of businesses.