KEX Confectionery Confirms the Salvation of Salzburg Schokolade
On 13th December 2021 it was announced that KEX Confectionery wanted to acquire Salzburg Schokolade GmbH.
Financial Restructuring of Salzburg Schokolade
On 7th February 2022, it was confirmed that the registered creditors of Salzburg Schokolade have approved the financial restructuring of the company. Pursuant to this restructuring, Salzburg Schokolade agreed to pay (within 14 days ) to the registered creditors whose claims are unsecured 20% of the relevant amounts. All other registered creditors’ claims will be paid by Salzburg Schokolade in three years time.
The approval by the registered creditors of Salzburg Schokolade enables the company to continue as a going concern and thereby removes the risk of the immediate cessation of its activities.
Reinvigorating the business of Salzburg Schokolade
With the certainty provided by the financial restructuring, the operations of Salzburg Schokolade can now be managed alongside those of KEX Confectionery’s existing Austrian business, the famous Niemetz Schwedenbomben.
Just as famous are the Genuine Salzburger Mozartkugeln that have long been produced by Salzburg Schokolade according to contracts with Mondelēz Europe, the owner of the Mirabell brand. Since declaring its intention to acquire Salzburg Schokolade, KEX Confectionery has been in discussions with Mondelēz. These discussions have secured the future of the Mirabell Mozartkugeln, enabling this iconic product to continue to be sold both in Austria and worldwide. These discussions have also provided Salzburg Schokolade with greater commercial freedom, providing the company with the opportunity to grow profitably in the future.
Commenting on the situation, Tomasz Blawat, CEO of KEX Confectionery said: “We are thrilled to have reached this point. Salzburg Schokolade is a natural addition to our Niemetz Schwedenbomben business. Each business will be stronger from working alongside the other. With that strength as a platform, we now look forward to making the most of the expertise of Salzburg Schokolade to bring exciting new products to the market.”
KEX Confectionery is the confectionery business of the House of Julius Meinl. For 160 years, the Julius Meinl family have been active as consumer goods and retail pioneers and creators of the Viennese food emporium Julius Meinl am Graben. The access that Salzburg Schokolade now has to this network and its expertise should greatly assist it in achieving much greater commercial and financial success.