30 July, 2005

Russia & Ukraine: EBRD to buy shares in Lesaffre’s yeast-making subsidiaries

The European Bank for Reconstruction and Development (EBRD) announced on July 28 has signed a share purchase agreement to acquire equity stakes worth a total of up to $30 million over time in certain Russian and Ukrainian subsidiaries of France’s Lesaffre & Cie SA, the world’s leading producer of yeast and the fifth largest producer of malt.

This will include minority shareholdings in the Russian yeast-making companies OOO SAF Neva and OAO Kurgandroji and the Ukrainian yeast-making company ZAT Nadezhda. The Russian and Ukrainian plants are between 40 and 100 years old and have suffered from underinvestment. Cooperation with Lesaffre, the world’s market and technology leader in the yeast segment, will enable the EBRD to participate in modernising, restructuring and upgrading them to improve quality and environmental standards and allow further development.

At the signing ceremony in London, Mr. Lucien Lesaffre, Chairman of Lesaffre & Cie S.A., said that the equity financing from the EBRD will take part in the company’s achieving their strategy to become one of the largest producers of yeast in CIS markets. He added he greatly values the Bank’s partnership as it offers Lesaffre comfort when operating in CIS markets. He believes this partnership may lead to further cooperation in the future in other countries of operations of the Bank enabling Lesaffre to produce yeast locally.

The EBRD is one of the largest private sector investors in Russia and Ukraine. Speaking at the signing ceremony in London, Mr. Jean Lemierre, President of the EBRD, said that the project is part of the Bank’s ongoing commitment to the region. In the agribusiness sector, the EBRD has signed projects worth a total of around €1.5 billion, and the Bank plans to commit €400 million this year in the sector. Mr. Lemierre added that this transaction offers an important demonstration effect for investments in agricultural processing in terms of both quality and technology.

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