(PRESS RELEASE) OSLO, 2-Jul-2019 — /EuropaWire/ — Orkla Food Ingredients signed and completed an agreement to purchase British fudge and toffee manufacturer Confection by Design Ltd. (“Confection by Design”) through its wholly-owned subsidiary NIC Enterprises Limited (“NIC”).
Confection by Design offers fudge and toffee to ice cream manufacturers, bakeries and confectioners. Orkla’s UK subsidiary Orchard Valley Foods distributes approximately two thirds of the company’s portfolio. 80% of its sales are in the UK and the rest (20%) are exported to other countries.
In the Nordic region and selected countries in Europe, Orkla Food Ingredients is a leading supplier of bakery ingredients and ice cream ingredients and accessories.In the UK, Orkla Food Ingredients has strengthened its position through its subsidiaries NIC UK, Orchard Valley Foods and County Confectionery.
Tor Osmundsen, CEO of NIC Group commented: “The purchase of Confection by Design is strategically right and will complement Orkla Food Ingredients’ position as a supplier of inclusions and accessories to the bakery, chocolate and ice cream market.”
Confection by Design was established in 1988, is a privately-owned business and has 35 employees. It’s headquarters and production facilities are located in Harrogate, U.K.
Confection by Design has grown its turnover to GBP 5.7 million (approx. NOK 63 million) in the financial year ending 30 June 2019. The company will be consolidated into Orkla’s financial statements as of 1 July 2019.
The purchase price is not disclosed by both parties.
For more information, please contact:
Group Director, Corporate Communications & Corporate Affairs
+ 47 928 45 828
Elise Andersen Heidenreich
Communications Manager IR and financial communication
+47 951 41 147