Orkla has acquired a 20% minority stake in Icelandic chocolate company Nói Siríus, which owns a number of Iceland’s major chocolate brands.
Nói Siríus was established in 1920 and owns “well-known” Icelandic chocolate brands such as Síríus, Nóa Konfekt, Nóa Kropp, Nóa Páskaegg and Konsum.
The business’ head office, production plants and warehouse facilities are located in Reykjavik, and the company is headed by managing director Finnur Geirsson, who will continue to lead the company after completion of the agreement.
Under the terms of the agreement, Orkla has the possibility to purchase the remaining shares in the Icelandic company after 2020.
Nói Siríus registered turnover of ISK 3.43 billion ($27.4 million) in 2018, and 70% of its total sales were in the domestic market.
Orkla claims that the strength of Nói Siríus’ position within the Icelandic market will significantly enhance its presence in the country.
Jeanette Hauan Fladby, Orkla’s executive vice-president and CEO of Orkla Confectionery & Snacks, said: Nói Siríus holds a unique position in Iceland and is a good fit with Orkla’s portfolio of leading brands. Chocolate, snacks and confectionery are showing good growth and are core categories for Orkla.
“We see a potential for creating value by utilising the companies’ strengths across markets, improving production efficiency and building on our position in Iceland, which is a growth market.
© FoodBev Media Ltd 2019