Orkla has agreed to fully acquire Icelandic chocolate and confectionery company Nói Siríus for an undisclosed figure.
Orkla previously acquired a 20% minority stake in Nói Siríus in 2019, but has now agreed to acquire the remaining shares in the company from several private investors, taking full control of the business.
Nói Siríus is one of the largest producers of confectionery and chocolate products in Iceland. Its products are sold through brands including Síríus, Nóa Konfekt, Nóa Kropp, Nóa Páskaegg and Konsum.
Nói Siríus’s CEO Finnur Geirsson will continue to serve as CEO until 1 August 2021 after 31 years as head of the company. Lasse Ruud-Hansen will succeed Geirsson on the same date.
The agreement is still subject to approval by the Icelandic competition authorities.
Orkla President and CEO Jaan Ivar Semlitsch, said: “Nói Siríus holds a unique position in Iceland and is a good fit with Orkla’s portfolio of leading brands.
“We see a potential for creating value by continuing to build on Nói Siríus’s strong brands in Iceland, while also expanding the product range. Chocolate, snacks and confectionery are core categories for Orkla and Iceland is a growth market – we intend to be part of that growth.”
Nói Siríus CEO Geirsson, added: “When one of the leading Nordic FMCG companies shows interest for Nói Síríus, it is a clear testament of our success as a company and of our brands. Both employees and owners of Nói Síríus have worked hard to achieve this kind of recognition.”
© FoodBev Media Ltd 2024