Emmi has acquired a 40% share package in Swiss dairy company Mittelland Molkerei from AZM Verwaltungs AG, the investment firm of the Mittelland Milk Producers’ Cooperative, increasing its overall stake to 100% of the company.
Mittelland Molkerei is based in Suhr, west of Zürich, and was founded in 2005. From the outset, it had been majority owned by Emmi, with AZM Verwaltungs AG holding the remaining 40% stake.
At the site in Suhr, Emmi processes milk into butter, cream and consumer milk in both pasteurised and UHT formats. It has been continuously modernised over the past ten years, and the Operational Excellence programme has helped it to develop into an efficient and productive facility, Emmi said. By acquiring all of Mittelland Molkerei’s share capital, Emmi is demonstrating its commitment to Switzerland, the firm added.
Emmi CEO Urs Riedener said: “The purchase of the 40% share package and the associated complete takeover of Mittelland Molkerei AG is evidence of Emmi’s clear commitment to Switzerland.”
In Suhr, Emmi generates sales of roughly CHF 500 million (€460 million) and employs around 350 people. The complete takeover does not affect plant management or the employees of Mittelland Molkerei; since the company was already integrated into the Emmi Group and is fully consolidated, the acquisition will not impact sales figures either.
The parties have agreed not to disclose the purchase price.
In addition to a cash component, part of the acquisition price, amounting to €31.2 million, was settled with the transfer of a number of registered shares in Emmi, which will come from the stake of the majority shareholder in Emmi, the Central Switzerland Milk Producers Cooperative. This will allow Mittelland Milk Producers’ Cooperative to participate directly in Emmi and ensures broader geographical support from the farming shareholders.
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