Home / Budapest / Hungaricum Manufacturing Hollóháza Porcelain Factory to be Sold

Hungaricum Manufacturing Hollóháza Porcelain Factory to be Sold

The Hungarian National Asset Management Inc. (MNV) has announced the sale of the 240-year-old Hollóháza porcelain factory, responsible for the manufacturing of the illustrious HungaricumNapi.hu reports.

According to the announcement, buyers will have to pay at least HUF 175 million for the 100% holding of the Hollóházi Porcelángyár Ltd. Bidding will be open from January 14th to January 16th for those who can pay the HUF 43.75 million auction security by January 10th.

Hungaricum is a collective term indicating a value worthy of distinction and highlighting within a unified system of qualification, classification, and registry and which represents the high performance of Hungarian people thanks to its typically Hungarian attributes, uniqueness, specialty, and quality. They are classified by the Hungaricum Committee as a result of a thorough individual assessment. Today Hungary has 71 Hungaricums including Goulash soup, the Kodály concept, Zsolnay porcelain and ceramics, Törley Sparkling Wine, Unicum, Pick winter salami, and many more.

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.

If the obligation is breached a penalty must be paid. The applicant must also guarantee that no liquidation proceedings are instituted against the company for a period of three years from the date of acquisition.

Napi.hu recalled that 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.

Featured photo via Pixabay/charlemagne

Source : hungarytoday.hu

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