Norwegian consumer goods and chemical company Orkla has said it is acquiring Russian confectionery manufacturer SladCo for an undisclosed price.
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SladCo, which has around 4,000 employees, is expected to have estimated revenues of around US$160m in 2004. It operates in a number of confectionery market segments in Russia and has production facilities in Yekaterinburg (Ural) and Ulyanovsk (Volga).
“This investment is in line with Orkla’s strategic long-term commitment to expand in Russia and Ukraine. SladCo is successful in a very important category to Orkla and provides a platform for further development in the Russian market. By taking ownership in this company, we are positioning ourselves in a growing Russian market,” said Håkon Chr. Andersen, director of Orkla’s activities in Russia and Ukraine.
The acquisition is subject to approval by the Russian Federal Antimonopoly Commission.
