Emmi’s Spanish subsidiary, Kaiku, has announced plans to increase its stake in Tunisian dairy company Vitalait in two equal instalments.
Kaiku will increase its holding from 45.4% to 54.7%, meaning that Emmi – which holds 73.4% of shares in Kaiku – will have an overall 40.2% stake in Vitalait.
The Spanish dairy will then acquire a further 9.34% of Vitalait during the first half of 2021, taking Emmi’s stake after that phase to 47.1%.
Swiss dairy producer Emmi said that strengthening its international presence was a key part of its strategy. Tunisia plays an important role in this as the company’s fourth-largest international market.
In a statement, Emmi said: “The increase in stake underlines Emmi’s and Kaiku’s commitment to the growing Tunisian market. The transactions will not affect Emmi’s EBIT or sales, as Vitalait is already fully consolidated.”
Vitalait is the second largest dairy producer in Tunisia. The company has grown steadily in recent years and has markedly improved its portfolio; aside from drinking milk, it currently also produces yogurt, yogurt drinks and desserts.
Kaiku’s investment dates back to December 2011, when it took an initial 45% stake in the business.
At the time, Vitalait chairman and CEO Ali Klabi said the “partnership is bringing growth and will combine the strengths of the two companies in the expanding market for dairy products.”
All parties have agreed not to disclose the value of any of the latest acquisitions.
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