POLAND: Orkla sells Kotlin and Elbro units
Orkla Brands International is planning to sell two of its Polish businesses, Kotlin and Elbro, to Agros Nova.
Kotlin manufactures ketchup, tomato-based sauces, jams, ready meals, pizza and preserved vegetables, while Elbro's products include frozen dumplings, noodles, ravioli and pirogues. The companies' consolidated sales totalled NOK240m (US$44.7m) in 2007.
Orkla said that it has made a number of operational improvements since it acquired the companies - Kotlin in 1997 and Elbro in 2004.
Kotlin and Elbro have undergone an extensive reorganisation programme, which has seen the number of employees cut and the product portfolio streamlined, but Orkla is unhappy with the companies' performance.
"We are not satisfied with the companies' market positions and financial performance in the Polish market. It is time for a new owner, who can help strengthen the companies' future possibilities in the Polish market," Paul Jordahl, MD of Orkla, said.
Agros Nova manufactures jams, soups, juices and preserved vegetables.
"Through this acquisition our business will expand in sectors where we are already strong and also into new categories," a spokesperson for Agros Nova told just-food. "We are pushing our business towards growth in Poland."
The sale is subject to the approval of the Polish competition authorities.
Financial details of the deal were not disclosed.
Belgian fresh food group Ter Beke saw its profits dive 22.3% for the fourth quarter despite an increase in turnover....
UK grocery retailers have reacted angrily to the suggestion that supermarkets should pay towards recycling costs because they produce a large proportion of waste....
Singapore Food Industries (SFI) has seen its annual profits fall, dragged down by its loss-making Irish business that was placed under administration late last year....
Iceland-based food group Bakkavor has said profits continue to be hit by the tough trading environment....
Singapore Food Industries (SFI), the owner of Daniels Chilled Foods and Farmhouse Fare, has a new majority owner after Singapore Airport terminal Services (SATS) sealed its move to buy over 69% of the...
ConAgra Foods, the US food giant, has named its CFO as president of its consumer foods division....
Findus has asked other unnamed partners to take on the production of its frozen food for the UK market after the the collapse of its local manufacturing partner....
Greencore Grocery has launched a range of British casserole-style sauces into the UK market under licence from Aunt Bessie's....
- General Mills sales woes continue - analysis
- Why personalisation will take-off in US food
- Comment: Meal kits in US - don't believe the hype
- US food next wave on display at Winter Fancy Food
- Column: Kraft Heinz, Unilever and sustainability
- Unilever 'lining up spreads sale'
- UK own-label firm Park Cakes sold in MBO
- Kraft Heinz cuts jobs in US, Canada
- Immigration crackdown "risk" for US dairy industry
- BRF plant suspended amid bribery allegations