Through its wholly-owned subsidiary Odense Marcipan A/S, Orkla Food Ingredients has signed and completed an agreement to purchase the Danish marmalade and fruit fillings manufacturer Igos A/S.
Igos A/S is the Nordic market leader in bake stable marmalades, fruit fillings and syrup for bakeries and confectioners. They also offer a wide selection of organic varieties.
Odense Marcipan is market leading manufacturer in Scandinavia of marzipan and marzipan-related products for bakeries, caterers, industrial cake manufacturers and confectioners. The acquisition of Igos supplements its portfolio with a much sought-after product category.
"Odense Marcipan has had the objective of expanding its product assortment to include marmalade and fruit fillings. The purchase of Igos A/S is strategically appropriate for strengthening our platform in Scandinavia and Northern Europe. The agreement offers potential for purchasing synergies and broader distribution for both companies," says Niels S. Søgaard, CEO of Odense Marcipan A/S.
Igos A/S was established in 1942, and has 17 employees. The company's headquarters and production facilities are located outside Copenhagen, Denmark. The company is currently owned by Abdon Group.
The company had a turnover of DKK 44 million (approx. NOK 56 million) in 2017, and EBIT of DKK 2.9 million (approx. NOK 3.7 million). The company will be consolidated into Orkla's financial statements as of 1 July 2018.
The parties have agreed not to disclose the purchase price.
Orkla is a leading supplier of branded consumer goods and concept solutions to the consumer, out-of-home and bakery markets in the Nordics, Baltics and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and its head office is in Oslo. In 2017, the Group had a turnover of NOK 40 billion, and approximately 18,000 employees as of 31 December 2017.
About Orkla Food Ingredients
Orkla Food Ingredients is the leading bakery ingredients player in the Nordic region, in addition to holding growing market positions in selected countries in Europe. Its biggest product categories are margarine and butter blends, yeast, bread and cake improvers and mixes, marzipan and ice cream ingredients. Orkla Food Ingredients has sales and distribution companies in 22 countries, ensuring proximity to bakeries and other industrial customers.
Oslo, 5 July 2018
Group Director Corporate Communications and Corporate Affairs
Tel.: +47 928 45 828
IR & Communications Manager
Tel.: +47 951 41 147