Toksoz aims to sell Pernigotti but keep its brand name, Zumosol on the block

Toksoz Group aims to sell its Italian confectionary brand after it posted consecutive losses over the last evࣅ years. Toksoz had acquired the company in mid-2013 and planned to move production to Turkey. However, the decision drew reaction from the Italian government and the trade union of workers. The Italian confectioner is based in North Italy in Novi Ligure.

Toksoz produces chocolate and ice cream under the Pernigotti brand in Turkey, which complicates the sale process. The Turkish conglomerate aims to keep the brand name and only sell the facility in Italy. However, bidders may not be attracted to such an offer as four are reported to be in the process, according to local press reports.

The facility in Novi Ligure was slated to be closed and some 100 workers were set to be laid off, according to the Toksoz plan. The plan later changed after the intervention of the Italian government which asked for an alternative solution. Toksoz executives met with Italian Prime Minister Giuseppe Conte and Deputy Prime Minister Luigi Di Maio in late November to offer a sale plan to a strategic buyer. However, a German-based company with a subsidiary in Italy last week announced it had decided not to bid for the company.

Toksoz was also rumored to be selling its Spain-based juice producer, Zumos Palma. The Turkish conglomerate had acquired the Spanish company in late 2013, a few months after Pernigotti. Zumosol opened a facility in Cordoba, in Palma del Río.

Toksoz produces confections in Turkey under Sagra brand (Sanset Gida) and owns Sanovel, a pharmacy company. The group is also seeking alternative options for Sanovel and had recently launched a new pharmacy company, Arven. It also owns Galenos, a drug warehouse and delivery services company, among others.