Orkla strengthens position in Iceland with the acquisition of 20% stake in Nói Siríus

Orkla strengthens position in Iceland with the acquisition of 20% stake in Nói Siríus

(PRESS RELEASE) OSLO, 23-Aug-2019 — /EuropaWire/ — Orkla ASA acquires 20% of Iceland’s leading chocolate and confectionery manufacturer, Nói-Siríus HF (“Nói Siríus”).

Nói Siríus, a market leader in Iceland, is popular for its chocolate brands such as Síríus, Nóa Konfekt, Nóa Kropp, Nóa Páskaegg and Konsum.

Over 70% of Nói Siríus’ turnover is generated by domestic market sales. Furthermore, the company’s export and tax-free sales is growing. Nói Siríus also distributes some strong, global brands of chocolate, snacks and breakfast products.

Orkla is present in Iceland through its partly-owned company Dragsbæk, which is part of the Orkla Food Ingredients business area. Orkla’s brands such as Toro, Grandiosa, KiMs, OLW and Jordan are sold in Iceland through distributors.

Jeanette Hauan Fladby, Orkla Executive Vice President and CEO of Orkla Confectionery & Snacks, commented: “Nói Siríus holds a unique position in Iceland and is a good fit with Orkla’s portfolio of leading brands. Chocolate, snacks and confectionery are showing good growth and are core categories for Orkla. We see a potential for creating value by utilising the companies’ strengths across markets, improving production efficiency and building on our position in Iceland, which is a growth market.”

Established in 1920, Nói Siríus is currently owned by several private investors. The company has 150 employees and is headed by Managing Director Finnur Geirsson, who will continue to lead the company after completion of the agreement. Nói Siríus’ head office, production plants and warehouse facilities are centrally located in Reykjavik.

Nói Siríus had a turnover of ISK 3,436 million (approx. NOK 244 million) in 2018.

Under the agreement, Orkla has the possibility to purchase the remaining shares after 2020. The agreement is subject on the approval of the Icelandic competition authorities. Both parties have agreed not to disclose the purchase price.

For more information:

Håkon Mageli
Group Director, Corporate Communications & Corporate Affairs

+ 47 928 45 828
hakon.mageli@orkla.no

Elise Andersen Heidenreich
Communications Manager IR and financial communication
+47 951 41 147
elise.andersen.heidenreich@orkla.no

SOURCE: Orkla