Sarantis Romania to take over Elmi Prodfarm

Sarantis Greece announced yesterday in a press release that its Romanian branch is engaged in preliminary negotiations for the takeover of a Romanian company “which activates on the cosmetics and non-food consumer goods products market.” The value of the transaction has not been communicated. Officials of Elmi Prodfarm, producer of the Elmiplant brand, have denied this information. “For now we will not comment on this matter. Once negotiations are finalized at the end of the month, we will offer comments,” according to a statement to Business Standard by General Manager of Sarantis Romania, Constantin Tudorache.

The Sarantis press release went on to say that the company is negotiating directly with shareholders of the Romanian company, but has not yet reached a preliminary agreement. Elmi Prodfarm, which could have a turnover of some €3.7 mln this year, is a family-owned company, namely the Cremenescus, who also manage the business.

Elmi Prodfarm has some 10 percent share of the local cosmetics market, valuated at some €700 mln in 2007.

Sarantis Romania had a nine-month turnover of €27.8 mln, up 29.4 percent year-on-year. The company is expecting turnover for the entire year of €38.5 mln, up some 15 percent compared to last year, with the main engine of growth sales during the winter holiday period. The Sarantis portfolio includes perfume, personal hygiene and home cleaning products.