Orkla Foods Danmark has signed and completed an agreement with Amanda Seafoods A/S on the sale of the Glyngøre brand. The purpose of the divestment is to reduce portfolio complexity and concentrate on prioritised categories.
Glyngøre is Denmark's best known herring and tuna brand, and its product portfolio consists of processed seafood for the Danish grocery and food service sector. The brand was established in 1940, and had net sales totalling DKK 43 million (ca. NOK 56 million) in 2018.
Amanda Seafoods was founded in 1916 and is now part of the Nordic seafood group Insula.
"We look forward to including the well-established Danish brand Glyngøre in our portfolio. Glyngøre holds a strong position with Danish consumers, and we see good opportunities for further building the brand through innovation and product development," says Jesper Kold Sørensen, CEO of Amanda Seafoods.
"We are glad that a solid company like Amanda Seafoods has chosen to include Glyngøre in its portfolio and will continue to build on this long-established brand to the benefit of Danish consumers. This divestment is part of Orkla Foods Denmark's strategy of concentrating resources on our priority growth areas," says Carsten Hänel, CEO of Orkla Foods Danmark.
Orkla Foods Danmark earlier sold the K-Salat brand in order to focus on categories with greater growth potential.
The parties have agreed not to disclose the sales price. The agreement will enter into force on 1 July 2019.
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 headquarters is in Oslo. In 2018, the Group had a turnover of NOK 41 billion, and approximately 18,500 employees as of 31 December 2018.
Oslo, 2 July 2019
Group Director Corporate Communications and Corporate Affairs
Tel.: +47 928 45 828
IR & Communications Manager
Elise A. Heidenreich
Tel.: +47 951 41 147