Hortex obtains zł. 85 million loan to boost purchases of fruit and veg

Juice and frozen food producer, Hortex, has managed to obtain a loan worth zł. 85 million from BPH PBK, Fortis Bank Polska, and Forin, a factoring company, which is to be repaid by May 2004. The funds are to be used by the company to increase the purchase of this season's fruit and vegetables, so that Hortex, which controls 10.1% of the market in value terms, can catch up with its closest competitors: Maspex, which controls 32.1%, and Sonda, in a venture with Agros-Fortuna, with 21.6%. Hortex has recently finalized its financial restructuring with the help of its main investor, Bank of America (BoA) and related companies, which jointly control a 93.4% stake in the company. It is estimated that, since 1997, BoA has invested up to zł. 300 million in Hortex. The company expects revenues this year to reach zł. 450 million with a net profit of zł. 10 million. (Rzeczpospolita, p. B4) A.K.