Orkla Brands announced on 17 November 2011 that they had concluded an agreement for the sale of Bakers, and that the buyer was NorgesGruppen. The deal has now been approved by the Norwegian Competition Authority. Closing date is 1 February.
Orkla has owned Bakers since 1991, delivering breads, cakes and bakery goods to grocery stores, petrol stations, kiosks and other large-scale customers.
The agreement covers all Bakers' bakeries, with the exception of the business involving the production of pizza at Sem, which will be continued by Stabburet.
"In a demanding market, Bakers has undergone significant restructuring in recent years and is currently a leading bakery enterprise in Norway. However, Bakers differs considerably from Orkla Brands' other branded goods operations. Bakery goods must be fresh each day, which requires a different type of operational and distribution system from our other grocery products. Structural changes, substantial capacity and keen competition have characterised and will continue to characterise the bakery industry," comments Torkild Nordberg, CEO of Orkla Brands.
For more information, please contact:
Håkon Mageli, SVP Corporate Affairs, Orkla Brands
Mobile: +47 928 45 828
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Source: Orkla ASA via Thomson Reuters ONE