Savvas Hadjigiorkis and Sons Ltd has become a leading player in the island’s flour manufacturing market following recent approval by the Commission for the Protection of Competition for the acquisition of Commercial & Industrial Wheat Companies Ltd.
The total flour supply market share of the two companies will be between 30-40%, while the market share in the supply of flour mill by-products will also be within that range, according to data collected by the Commission.
But despite the buyer’s increased market share, the Commission’s decision stipulates that there will still be a competitor with a larger market share. As well as a number of other importers who will be able to raise objections in the event of abuse by the buyer with the increased market share.
Although no specific reference is made, insiders believe the Commission’s decision seems to favour Mitsides flour and pasta manufacturing company. There are 21 importers in this market, nine of whom supply the Cypriot market in bulk, while another 10 only import for their own use.
Savvas Hadjigiorkis and Sons Ltd has acquired the production and supply of flour and by-products unit from the Commercial & Industrial Wheat Companies Ltd. And this includes the stock, reputation and customers, equipment and machinery.
The intention of the seller is not to continue to operate in the production and supply of flour and by-products which is the buyer’s target.
Savvas Hadjigiorkis and Sons Ltd (Hadjigiorkis Flourmills) was founded in 1945 and in an effort to expand its product production beyond flours and meet the bakery and confectionery needs in Cyprus, the company has enriched its range of products, adding several bakery and confectionery raw materials.
It is the sole representative in Cyprus of the Greek company KENFOOD S.A., and the German company Lindemann GmbH & Co. KG. At the same time, Savvas Hadjigiorkis and Sons Ltd collaborate with international bakery and confectionery companies.