UPDATE: SWEDEN: Candyking plans investment in growth
Swedish confectioner Candyking has said it plans increase investment to accelerate growth in new and existing markets.
A spokesperson for the company told just-food Candyking hopes to raise around SEK500m (US$76.3m) through an initial public offering, announced on Friday (29 November).
"The funds would be used to grow in new markets and increase penetration in existing ones. We are already present in the UK, the rest of the Nordics and some eastern European countries, such as Poland," the spokesperson said. "For new markets, it is too early to say [which are being targeted]."
The spokesperson added Candyking has identified "several routes to growth" and suggested the company will also raise investment in product development in order to expand its product line-up.
Candyking previously detailed long-term strategic goals that include annual sales growth averaging 5%, long-term operating margin of 9% and net debt to EBITDA of 2.5x. The firm has targeted a dividend pay-out ratio of a minimum of 40% of net profit.
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