Karlovarské minerální vody (KMV) yesterday agreed to acquire Kékkúti Ásványvíz, a leading manufacturer of bottled water in Hungary.
Manufacturer of Magnesia and Mattoni mineral waters, the Karlovy Vary, Czech Republic-based KMV is the largest producer of mineral and spring waters in Central and Eastern Europe.
"We have an ambitious development plan for Kékkúti Ásványvíz. We want to approach the Hungarian market the same way as we have done in the Czech Republic or Austria," Alessandro Pasquale, CEO of KMV, said in a statement.
According to the agreement with Nestlé Waters, KMV will also continue bottling and developing its existing portfolio of Nestlé Waters brands, such as Nestlé Aquarel, San Pellegrino, Perrier and Acqua Panna.
KMV began its European expansion in 2008, when it purchased Austrian company Waldquelle, which has become the second largest beverage company on the local market under the lead of the KMV. These days. KMV operates in the Czech Republic, Slovakia, Austria, Germany, Poland and Ukraine. "Entry to the Hungarian market will bring new synergies, which will benefit our consumers across the countries," said Pasquale.
According to data compiled by the European Federation of Bottled Waters, Hungary is among the most developed markets in Europe when it comes to consumption of bottled water. In 2013, local consumption stood at 119 litres per capita.
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