OSLO, 30-Oct-2017 — /EuropaWire/ — Through its wholly-owned subsidiary Idun Industri AS, Orkla Food Ingredients has signed an agreement to purchase 100% of the shares in Arne B. Corneliussen AS (“Arne B. Corneliussen”), a leading manufacturer and supplier to the Norwegian food industry.
The company’s product portfolio consists of spices, marinades, flavourings, starter cultures and other functional ingredients, in addition to packaging solutions. Its customer market is Norwegian food manufacturers with the Norwegian meat industry as main segment.
Orkla Food Ingredients is the leading bakery ingredients player in the Nordic region, supplying products such as margarine and butter blends, yeast, bread and cake improvers and mixes, marzipan and ice cream ingredients. In acquiring Arne B. Corneliussen, the business area will expand its product range and customer base in Norway.
“This acquisition gives us access to a new growth platform in the food industry. The purchase of Arne B. Corneliussen also offers potential for synergies with our existing ingredients operations in Norway, in the form of a more strategic focus on the out-of-home sector as well as savings in areas such as purchasing and distribution,” says Pål Eikeland, Orkla EVP and CEO of Orkla Food Ingredients.
Arne B. Corneliussen, established in 1949, has been owned since 1995 by DAT-Schaub A/S, a subsidiary of Danish Crown.
“We have had nothing but good experiences during our period as owners of Arne B. Corneliussen, but the time has now come to concentrate our operations. We think that a Norwegian owner will be positive for the company, and we look forward to continuing the close collaboration between DAT-Schaub and Arne B. Corneliussen,” says Jan Roelsgaard, CEO of DAT-Schaub.
The company, which has 32 employees, has its head office, production facilities, test kitchen and warehouse at Økern in Oslo. The business now being sold had a turnover of NOK 188 million in 2016. The parties have agreed not to disclose the purchase price.
The agreement is subject to the approval of the Norwegian competition authorities.
Orkla is a leading supplier of branded consumer goods and concept solutions to the grocery, out-of-home and bakery markets in the Nordics, Baltics and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and its head office is in Oslo. In 2016, the Group had a turnover of approximately NOK 38 billion, and 18,000 employees at year end.
ABOUT ORKLA FOOD INGREDIENTS
Orkla Food Ingredients is the leading bakery ingredients player in the Nordic region, in addition to holding growing market positions in selected countries in Europe. Its biggest product categories are margarine and butter blends, yeast, bread and cake improvers and mixes, marzipan and ice cream ingredients. Orkla Food Ingredients has sales and distribution companies in 22 countries, ensuring proximity to bakeries and other industrial customers.
SOURCE: Orkla ASA
Elise Andersen Heidenreich
Communications Manager IR and financial communication