Norwegian consumer goods and chemical company Orkla has said it is acquiring Russian confectionery manufacturer SladCo for an undisclosed price.
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.