Innovation Brain, an award winning turnaround and restructuring company, head quartered in London have signed formal agreements covering the purchase of the business and main assets of and the exclusive commercial relationship with HSI (EBZ) going forward. HSI is a Greek sugar manufacturer and distributor. The company directly employs around 200 people and indirectly 4000 people while managing 4 factories in Greece and 2 factories in Serbia. The first big step towards the completion of the purchase was approved following a detailed review of the business plan which aims to rescue the business and ensure its future to be the preferred producer of sugar and other agricultural products and a key distributor in Greece and the region. Issuance of the formal banking and regulatory approvals is imminent and the transaction is widely supported by the banks, government, local partners and farmers.
Innovation Brain, CEO, Lukas Fecker comments “I am pleased to announce that we signed the deal on Wednesday 1 August. Both parties are pleased with the Commercial Agreement and together we look forward to a brighter future for the local producers, for employment and the business as a whole. We will focus our efforts on reviving and growing the operations and business in Greece. We aim to improve operational procedures, increase production as well as developing other product lines, involving significant investments. We feel optimistic that we will go forward as a unified force as we plan to extend the business for trading and invest in new machinery. With the new production technology, employee engagement and a proven enhanced training, we will ensure that we will create an improved and modern sugar business that are the foundation for growing the business not only in Greece but further afield.”
Part of the strategic plan is to use the carbon dioxide produced by the factories, to run greenhouses. EU funding of around €5-10 million is being sought for this by product. In addition to this, the Thessaloniki port provides the ideal location for the free movement to distribute the sugar products and gives great access to the rest of Europe. We believe that we could be the local economic accelerator.
We trust that this is a step in the right direction for the company to stimulate the economy and potentially to create more jobs.