Finnish meat company Atria has said it is on track with its strategy for the Baltic rim after it signed a letter of intent to buy a majority stake in Valga Meat Industry, Estonia’s second-largest red meat company.
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Atria aims to sign a letter of intent with Valga’s minority shareholders to acquire the remaining shares under similar terms and conditions. Both Atria and Valga aim to close the entire transaction by the end of 2004.
Valga’s market share in Estonia is approximately 15 to 20% and its products are sold in the main retail chains of Estonia. Atria said Valga also holds a good market position in Latvia, where it has entered into contracts with Rimi and Citymarket.
Valga’s main products are sausages, smoked meat products and cold cuts. In 2003 Valga’s turnover was €20.9m.
Atria also said that in order to proceed further with its internationalisation strategy, the company is in the process of evaluating the possibilities of entering the Russian market by means of an acquisition.
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