EMBEKE, BELGIUM — Lotus Bakeries has announced it has acquired all the remaining shares in Lotus Bakeries Italia. Lotus formed Lotus Bakeries Italia in February 2019 as a joint venture with Lona, its Italian distribution partner.
Financial terms of the transaction were not disclosed.
Lotus Bakeries Italia was created to help market Lotus’ products in Italy, which is one of the most important consumer markets in Europe and a growing market for Lotus, the company said.
Lotus said it plans to continue to work with Lona on warehousing and distribution services.
“With the acquisition of full control over our entity in Italy, we’re taking our next step in this major consumer market,” said Jan Boone, chief executive officer of Lotus Bakeries. “With the necessary focus and support from the rest of the group, a team of Lotus Bakeries employees based in our own office in Milan will be able to take the next steps to increase market penetration in this country.”
Based in Belgium, Lotus Bakeries has production facilities in Belgium, The Netherlands, France, Sweden and the United States, and 21 sales organizations in Europe, America and Asia.