Orkla takes full control of Iceland confectioner Noi-Sirius | Food Industry News

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Orkla’s Ingvill Berg (l), Lasse Ruud-Hansen
Orkla has instigated one more take care of the complete takeover of Iceland’s largest confectionery producer Nói-Siríus HF, including to the acquisition of two UK corporations by the Norway-based meals group previously week.

Oslo-listed Orkla, which has enterprise divisions in meals, confectionery and snacks, and components, already held 20% of Nói-Siríus relationship again to a deal in 2019, and has now acquired the remainder of the corporate from “a number of personal traders”.

Monetary phrases haven’t been disclosed forward of pending approval of the transaction by Iceland’s competitors authority.

Nói Siríus owns the chocolate manufacturers Síríus, Nóa Konfekt, Nóa Kropp, Nóa Páskaegg and Konsum. Based mostly within the Icelandic capital of Reykjavik, the corporate posted a turnover final 12 months of ISK3.6bn (US$28.5m), greater than 70% of which was generated from its residence market. The enterprise was based in 1920 and employs 120 individuals.

The corporate might be integrated into Orkla’s confectionery and snacks division, the pinnacle of which is Ingvill Berg.

“Chocolate, snacks and confectionery are core classes for Orkla and Iceland is a development market,” Berg, who can be an govt vp for the group, stated. “Nói Siríus holds a singular place in Iceland and is an effective match with Orkla’s portfolio of main manufacturers. We see potential for creating worth by persevering with to construct on Nói Siríus’s sturdy manufacturers in Iceland, whereas additionally increasing the product vary.”

Orkla’s Lasse Ruud-Hansen, who’s an funding director on the Oslo-based agency’s shopper and monetary investments enterprise, will take over the CEO function at Nói Siríus from Finnur Geirsson, who has determined to step down after 31 years as chief govt. The change over is efficient from 1 August.

“When one of many main Nordic FMCG corporations exhibits curiosity for Nói Síríus it’s a transparent testomony of our success as an organization and of our manufacturers,” Geirsson stated.

In the meantime, Rolf Arnljot Strøm, the CFO of Orkla Confectionery and Snacks, will turn out to be the brand new chair of the board of administrators at Nói Siríus.

With the deal, Orkla is extending its presence in Iceland, the place it generates gross sales of NOK400m (US$47.8m). Its components division owns a majority stake in Denmark-based margarine enterprise Dragsbaek, which operates in Iceland. Orkla additionally sells its Toro, Grandiosa, Kims, OLW and Jordan manufacturers by distributors within the nation. 

Late final week, Orkla introduced a duo of offers within the UK for Cake Décor and For All Baking by its wholly-owned components subsidiary. And in March, one other two transactions had been initiated for Polish gross sales and distribution firm Ambasador92 and Finnish foodservice enterprise Fort Deli. 

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