The value of the transaction was not disclosed, and the deal is awaiting the approval of the competition authorities.
Ceres operates three plants in Hungary, employing a total of 500 staff. Its bakery in Györ produces bread, toasted bread, rolls and pastries, while the plant in Miskolc makes baked bread and rolls, and its bakery in Csorna specializes in manual production.
The Ceres subsidiary Multi focuses on the production of gluten-free products.
The turnover of the Hungarian producer amounted to €28.5m in 2009, with last year’s output totalling 24,000 tonnes of bakery products, of which 13,000 tonnes were toast bread.
Belonging to the group Agrofert Holding, Penam estimated revenues for 2009 declined three per cent and remained at the 2008 level, according to the bakery manufacturer’s preliminary results published at the end of January.
It is currently active mainly in the Moravia region of the Czech Republic and claims to have a share of about 15 per cent of that market. Penam's main rival is United Bakeries, created from the merger this January of Odkolek and Delta Pekarny bakers, which is said to control about a quarter of the market.
In 2007, the company stated its goal to become the dominant player on the domestic market in terms of the bread category. Penam said it is a market leader in Slovakia with a 20 per cent market share.
In further Eastern europe expansion developments, European logistics firm, TDG, acquired a Hungarian transport business this month that serves several cereal, snack and food manufacturers such as Cerbona and Friesland Foods.
The move, said the company, will allow it to extend its full range of services across Central and Eastern Europe (CEE).
Kevin Richardson, TDG’s strategic development director said the acquisition of RRS allows TDG to expand its services into the Hungarian market by offering a high quality domestic transport capability.
TDG, which works food companies such as Weetabix and Kelloggs, provides international and domestic warehousing and transport services, and the firm said it will consider moves to establish operations in other CEE countries.