Norwegian dairy cooperative Tine has sold its minority stake in Rørosmeieriet to local investment firm Salvesen & Thams.
Tine did not disclose the value of its 11% stake, which the co-op is disposing of to make way for further investment from a new owner in Rørosmeieriet, based in the Røros region of Norway.
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Rørosmeieriet produces a range of organic dairy products such as cheese, butter, cream, fresh milk and yogurt.
Gunnar Hovland, the chief executive of Tine, the owner of the Jarlsberg cheese brand, said in a statement: “We at Tine are impressed with what they [Rørosmeieriet] have achieved and are happy that we could play a role in helping them” from the start-up stage.
“Now a new chapter is starting and it was natural for us to sell our share. The Røros dairy has become a clear competitor in recent years, and sees the need for further investment and new energy on the owner side in order to continue its growth.”
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Trond Vilhelm Lund, the manager of Rørosmeieriet, said the business plans to increase its focus on producing fresh milk that has a limited impact on the environment.
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By GlobalData“This is a solution that gives us many opportunities in the future, for the company, employees, eco-farmers and the food industry in the Røros areas,” Vilhelm Lund said. “This will strengthen us and provide a basis for us to take new, major steps forward.”
