Agreement on Orkla’s acquisition of Cederroth completed
Orkla’s acquisition of Cederroth has been completed today in accordance with the conditions described in the stock exchange notification of 28 August 2015. With this purchase Orkla is taking over well-known brands such as LdB, Bliw, HTH, Salvequick, LongoVital and Multiplex.
On 15 January this year, Orkla Home & Personal entered into an agreement to purchase 100% of the shares in the branded consumer goods company Cederroth.
“We are very pleased that the agreement has now been completed. Together, Cederroth and Orkla will gain a deeper insight into local consumer and customer preferences, and strengthen our competitive edge in local markets where there is significant international competition,” says Stig Ebert Nilssen, Orkla EVP and CEO of Orkla Home & Personal.
As from 1 September, Johs Høeg, SVP Business Development at Orkla Home & Personal, will take over as CEO of Cederroth AB. He is succeeding Mikael Nordin who is resigning during this autumn.
“We wish to thank Mikael for his efforts on behalf of Cederroth and for the important role he has played in the company’s development and for its employees,” says CEO Stig Ebert Nilssen.
Cederroth has operations in Sweden, Finland, Denmark, Norway, Poland and Spain. The company has four factories, located in Sweden, Denmark, Poland and Spain. Cederroth achieved a turnover of SEK 1,894 million in 2014, and an EBITDA of SEK 174 million. The company has a total of 850 employees.
The agreement has been approved in Norway on condition that Asan is sold. In Sweden, the agreement was approved in Sweden subject to the sale of Allévo. The other competition authorities have approved the agreement unconditionally. The turnover for these two brands accounts for an estimated 8% of total turnover.
Orkla is a leading supplier of branded consumer goods and concept solutions to the grocery, out-of-home and bakery markets in the Nordics, the Baltics and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and has its head office in Oslo. In 2014, the Group had a turnover of around NOK 30 billion and approximately 13,000 employees at year-end.
The Orkla Home & Personal business area comprises five branded consumer goods businesses which primarily serve the Nordic region as their home market: Lilleborg (personal care products and detergents), Lilleborg Profesjonell (full-range supplier of hygiene and cleaning solutions for the professional market), Orkla Health (dietary supplements and health products), Pierre Robert Group (socks and underwear sold through the grocery channel) and Orkla House Care (painting tools and cleaning products).
Oslo, 31 August 2015
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