The Board of Directors of ZPC Otmuchów decided to start a procedure aimed at ending the business of the breakfast and cereal products sector – the company said in a press release.
“The decision was made in particular due to the lack of a satisfactory source of interest from outside investors in the assets of the + breakfast and cereals + segment assets, as well as taking into account the potential investment needs of this segment in the event of an intention to develop its product offering and the expected attractiveness of the remaining business lines of the group”- the company said in a statement Journalist.
The decision of the Board of Directors ends the review of the development trends of the breakfast and cereals segment, which the company began in November 2020. As part of the review, the scenario of acquiring an investor or concluding a strategic alliance was taken into account.
According to the tentative schedule, the decommissioning of sector operations should be completed by the end of this year.
“The process of liquidating the sector will consist mainly of dismantling the production lines of breakfast products and ending commercial relations with the contractors in this sector. The exporter aims to use the production space, warehouses and competencies of the employees that have been employed so far in the sector in order to increase production capacity in the sectors of activities that will remain on offer – As stated in the statement.
Taking into account the planned investments related to the increase in production capacity, the company estimates that staffing at the site used so far to meet the needs of the breakfast and grain products segment will increase.
The company also announced that the decision to stop operations in the breakfast production sector is an indication of the potential depreciation of non-current assets and intangible assets allocated to this sector. As reported, at the end of March 2021, the value of the assets allocated to the above-mentioned sector amounted to about PLN 14.97 million.
“The issuer will conduct detailed analyzes of impairment tests on these assets and will report the results of the above tests in the context of the next current report” — the announcement said. (PAP Biznes)
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