Nordic meat group HKScan is to sell its half of Polish venture Saturn Nordic Holding to co-shareholder and fellow meat processor Danish Crown.
Saturn Nordic Holding holds 100% of the shares of Sokolów, which has been HKScan’s joint venture in Poland. HKScan will keep its wholly-owned subsidiary, HKScan Poland, located in Swinoujscie, Poland.
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Danish Crown is paying HKScan EUR180m to take sole control of a venture the two sides set up in 2004.
HKScan said Sokolów had been “profitable and growing, benefiting both parties during the co-operation”. In 2013, HKScan’s 50% share of Sokolów’s net sales was EUR 375m. “The good financial performance and strong growth of Sokolów has impacted positively the value of the business,” HKScan said.
However, HKScan president and CEO Hannu Kottonen added: “The deal is positive for all parties. For HKScan, the divestment enables the group to accelerate setting an even stronger focus on our other home markets.
“We continue building HKScan as one strong Nordic Group focusing on branded meat business. The deal resulting in strong balance sheet and lower net financial costs will improve our prerequisites for speeding-up the strategic work to invest in our strong brand offering as well as on related production facilities and technologies.”
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