03.09.2002: Orkla Foods acquires the Danish company Credin, which is a leading supplier of ingredients to bakeries in Denmark, Poland and Portugal.
The deal comprises the subsidiaries Credin Portugal, Credin Poland, Credin Spain and Credin Finland in addition to a 50 per cent owner share in MaltCentralen. The seller is the Danish Palsgaard group.
Credin's sales, development and production facilities will remain in Denmark and will continue to be run out of the current premises in Juelsminde, Denmark - however now as a tenant of Palsgaard. The total number of employees is expected to remain the same.
"With this acquisition, Orkla Foods strengthens its role as a leading provider of ingredients to bakeries and food companies. Notably, within the field of bread and cake blends we have now access to a considerable competence. Furthermore, we enter new markets, which are interesting to us. Credin has established very strong positions in Denmark, Poland, and Portugal," explains managing Director Halvor Liodden, Orkla Food Ingredients, which is a part of Orkla Foods.
Managing Director Birger Brix, Palsgaard:
"Following a comprehensive analysis, we have concluded that we do not have the resources that enable us to develop and expand Credin's and Palsgaard's activities at the same time. Therefore, we are happy that we have been able to sell to Orkla, with which Credin has collaborated in the joint company MaltCentralen since January 2000. With the sale to Orkla, Credin's potential for expansion is secured, and Palsgaard sets free resources for future development and expansion of our large activities within ingredients."
In total, the six companies which are enclosed in the deal had a turnover of app. 335 million DKK and 179 employees. Credin's business encompasses baking improvers, bread blends, and other essential raw materials for bakeries and the food industry.
Both parties have agreed not to reveal the price of the deal. Implementation of the deal awaits the necessary approvals of the authorities.