SWITZ: Emmi to buy local cheese firm Fromalp
By just-food.com | 13 April 2010
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CEO Urs Riedener is eyeing international markets with local acquisition |
Swiss dairy group Emmi this morning (13 April) announced plans to buy local cheese maker Fromalp.
Emmi, which has been looking to international markets since the Swiss cheese sector was deregulated in 2007, said the move would help it boost exports of raclette of fondue cheeses.
Emmi CEO Urs Riedener said: "The integration of Fromalp's international business will allow us to market speciality cheeses even better internationally, which will also benefit the Swiss dairy industry. Emmi is an established player in the agricultural sector and is a more credible exporter of Swiss cheese than a foreign company."
The agreement with Fromalp's German owners Hochland remains subject to Swiss regulatory approval. Emmi said it did not expect the deal to be blocked.
The financial details were not disclosed but Emmi said Fromalp generated around CHF100m (US$95.4m) in sales last year.
Last month, Emmi CFO Reto Conrad told just-food that the company would make "tactical" acquisitions in 2010.
Sectors: Dairy, Mergers & acquisitions
Companies: Emmi
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