Hollóházi Porcelain Factory Sold to Unknown Buyer at Starting Price of 175 Million
Fanni Kaszás 2020.01.17.
The Hungarian National Asset Management Inc. (MNV) has sold the 240-year-old Hollóháza porcelain factory, responsible for the manufacturing of the illustrious Hungaricum, for 175 million forints (EUR 521,360), according to the information of economic site Napi.hu. However, it is not yet known who has bought the company. At the auction of MNV, there was only one bidder, so the factory was eventually sold at the starting price.
As we have previously reported, it was announced back in early January that the factory would be sold.
The buyer must ensure the preservation of the Hollóháza porcelain production as a Hungaricum, and to keep the company’s main profile: the production of household ceramics, as long as the state exclusively grants them the use of the Hollóháza trademark in return for payment for their business and market activities. The applicant must also agree to sell their share within the first 15 years only with the consent of the seller.
The state-owned Hollóházi Porcelángyár Ltd. was founded in 2013 with a registered capital of HUF 5 million and a capital reserve of HUF 70 million, in order to make the Hollóháza porcelain factory profitable.
The former manufacturing company, the majority state-owned Hollóházi Porcelain Manufactory Inc., was liquidated. It’s assets, inventories and some of its employees were first taken over by Hollóházi Hungarikum Nonprofit Ltd., then leased the real estate and assets necessary for the production to Hollóházi Porcelángyár Ltd. at the end of 2013.