"We are open to the possibility of entering into this line of business on a large scale," said Klaus Josef Lutz, chief executive of the Munich based conglomerate, last Thursday. "This could be highly promising for investors."
Currently, BayWa is constructing a climate greenhouse for the production of up to 5,000 tons of tomatoes per year, for a joint venture company in the United Arab Emirates with their local partner Al Dahra. "If this proves to be successful, we could extend these ideas and work on those projects by ourselves," says Lutz.
BayWa started out as an association for agricultural trade in southern Germany and has developed into a globally active conglomerate in the past years. To absorb the chronically fluctuating prices in the industry, the corporation has also expanded their business towards renewable energies and building materials. Within the first half of the year, their profit rose approximately 8% to 8 Billion Euros, the net profit almost doubled from 14.7 to 27.4 million Euros.
source: dpa