Cloetta Fazer has revealed that the confectionery side of its business will trade by the name Fazer Konfektyr Service following its split from Cloetta, announced earlier this year.
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The name change was confirmed at an extraordinary general meeting yesterday (25 November).
Speaking to just-food today (26 November) Anders Dreijer, chairman of the board, reaffirmed the company’s plans for the demerger.
“The company is still on course to split. One company will handle Cloetta and its produce, while the second will manage the confectionery brands,” he said.
The principal owners of Cloetta Fazer, Oy Karl Fazer and AB Malfors Promotor, struck a deal in July to split the group into two companies.
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By GlobalDataCloetta will apply for listing on Stockholm’s OMX Nordic Exchange and Fazer Konfektyr Service will be consolidated as part of Finland’s privately-held Fazer Group.
The move brings to an end tensions between the company’s two major shareholders. Both sides accused the other of breaking an agreement to limit their stakes in the business and mediation talks failed to resolve the conflict.
The Fazer family holds 44.7% of Cloetta Fazer, while the Svenfelt family has a 39.6% share.
Cloetta Fazer also announced that CFO Curt Petri will leave his post to become CFO of Fazer Konfektyr. His position will be filled by Krister Friberg, who is currently CFO of the Fazer Group.
