NORWAY: Orkla sells Bakers unit to NorgesGruppen
By Dean Best | 18 November 2011
Norwegian conglomerate Orkla has sold its Bakers unit to local retailer and wholesaler NorgesGruppen.
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Norwegian conglomerate Orkla has sold its Bakers unit to local retailer and wholesaler NorgesGruppen.
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Seven months ago, Orkla CEO Bjørn Wiggen announced the Norwegian conglomerate would focus on the FMCG sector, earning praise from analysts in the process. This week, Orkla stunned the market with news that Wiggen had decided to resign. Eyebrows were raised further yesterday when it emerged the boss of Orkla's FMCG unit would also leave the business. Industry watchers believe the departures will not mean a change in direction but could suggest Orkla's owners were frustrated with the slow progress of the company's new strategy.
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