Felix Abba, a subsidiary of Norway-based Orkla, is to buy Estonian confectioner Kalev Chocolate Factory.
Under the agreement announced yesterday (4 May), Felix Abba will take over 100% of Kalev, including the firm’s factory in Jüri, its biscuits and flour mix businesses in Estonia, production equipment and related trademarks.
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The company has annual net sales of around EUR28m (US$36.2m) and 386 employees.
“This acquisition is an important step in the expansion of our confectionery business, as it gives us good growth and value creation possibilities in the Estonian market and provides a platform for expanding confectionery in Finland and the Baltic region,” said Orkla Foods Fenno-Baltic managing director Clas Göran Hagström.
The deal is subject to the approval of the Estonian competition authorities.
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