NORWAY: Rieber & Son plays down M&A prospects in 2010
Norwegian food group Rieber & Søn has hinted that it is giving a higher priority to improving efficiency and driving growth within its current business than expanding through acquisitions in 2010.
Rieber & Son last week offloaded a cake plant in Poland as part of a plan to focus on its Delecta brand in the country.
Poland is one of Rieber & Son's largest five markets and last autumn the company moved to buy tea-to-muesli maker Gellwe.
Rieber & Son's bid to buy Gellwe was blocked by Polish competition authorities and the company suggested it would give more attention to its current business in the country this year, rather than look to the chequebook to expand.
A spokesman for Rieber & Son said the company was focusing on "operational excellence" and becoming more efficient.
"Gellwe was a golden opportunity and came up before the new strategy," the spokesman said. "In general, we are now focused on internal improvements and on getting the business right on the supply chain. We are not looking at acquisition opportunities in any country."
Norwegian food company Rieber & Søn has booked a 76% increase in net profit in its second quarter due to savings found through its 'Our Future' programme....
The board of Norwegian food group Rieber & Søn has recommended that shareholders do not accept a bid from Rieber family company Zee Ploeg for the remainder of its shares....
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