19.05.2004: Orkla Foods has signed a deal to acquire SIA SPILVA, which is one of Latvia's leading food companies. The company generates annual operating revenues of approx. 10m and has 180 employees.
Spilva's head office and production plant are situated in Riga, the capital of Latvia. The company has a broad product portfolio, and the main products are processed vegetables, ketchup and other tomato-based sauces, mustard and horseradish, mayonnaise, desserts and jams. Spilva manufactures, markets and sells its products under the SPILVA brand. The company also exports products to Lithuania, Russia and Estonia.
The company is owned by private entrepreneurs. The parties have agreed not to reveal the price of the transaction. The personnel and present management, including the president of Spilva, Mrs. Lolita Bemhena, will continue working with the company after the acquisition.
"Spilva will strengthen our position in the Baltic States," says managing director Dag J. Opedal of Orkla Foods. The company already has operations in Estonia and Lithuania. The Baltic States are part of Felix Abba's (Orkla Foods' Finnish company) business development responsibility.
Implementation of the deal is depending on necessary approval of the Latvian competition authorities.
Orkla Foods' operating revenues totalled close to NOK12 billion in 2003. After the acquisition, the company will have production in 14 countries.