“This year was a good farming year and normally we have more produce, which helped up boost our revenue. Our revenue depends on the farming year more than it does on a VAT cut or an increase in economic power,” said Georgica Bors, Contec Foods chief accountant.
“The drop in VAT and the rise in purchasing power of consumers are in vain if we don’t have anything to offer them.”
Contec Foods, owned by Turkish businessman Aifun Suliman, plans to boost borsch and vinegar production capacity by at least 20% by early next year, a project in which it has invested EUR3 million so far. New lines of business will be added in the next two years, and one of them is production of frozen vegetables.
The investment in the frozen vegetable line is estimated at EUR2 million, the company official said, adding demand on the market was the reason for expansion on the frozen vegetable segment.
Contec Foods makes canned fruit and vegetables, mustard, borsch, vinegar, chocolate, ketchup, tomato paste and sells them under the Olympia and Contec brands in Metro, Kaufland, Lidl, Carrefour and Auchan, its officials said.
(English version by Loredana Fratila-Cristescu)