Swiss dairy group Emmi has sold the 60% stake in local yoghurt and dessert maker Nutrifrais it acquired in 2009.
Emmi has offloaded the shares to Laiteries Réunies Genève, the company from which it acquired the holding four years ago.
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The company said the deal was a result of the synergies anticipated at the time having “failed to materialise to a sufficient degree”. LRG will continue to operate the plant in Plan-les-Ouates in Geneva, which specialises in the manufacture of yoghurt and desserts, including Yoplait products under licence.
The objective of the deal made in July 2009 was for Emmi to use production synergies and the transfer of know-how to strengthen operations at the plant and reduce costs. Nutrifrais was also to develop into a regional dairy for fresh products, and export projects were planned for the additional utilisation of production capacities.
While Emmi implemented various measures over the past four years aimed at increasing volumes, the “difficult situation on the currency front”, in particular, resulted in a failure to produce the “desired level of export success”, the company said.
The price paid for the shares was not disclosed.
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