Orkla Foods plans to double the company’s value within five years by acquiring “important” Europe-based foods companies and brands, said chairman Stein Erik Hagen. Orkla would initially look to Scandinavia for potential targets, but would increasingly pursue acquisitions in key markets, including Germany, France and Britain, with a focus on companies engaged in producing processed, frozen, ready-to-cook and convenience foods.
“Orkla is an ambitious company, but it needs to become more and more international in its investment strategies and growth outlook. There will be a greater focus on foreign acquisitions that offer synergies to our existing operations. We want to be a major player in European food markets. Acquisitions will play a part on doubling the value of this company within five years,” said Hagen.
One Oslo-based foods market analyst suggested that Orkla Food’s Pizza Grandiosa is ripe for expansion in Europe. “Pizza Grandiosa is one of Orkla’s success stories and a company that has the management and the economic strength to acquire and expand across Europe,” the analyst said.
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Orkla Foods had revenues of EUR1.7bn (US$2.22bn) in 2007.
