Orkla has instigated yet another deal with the full takeover of Iceland’s largest confectionery producer Nói-Siríus HF, adding to the purchase of two UK companies by the Norway-based food group in the past week.
Oslo-listed Orkla, which has business divisions in food, confectionery and snacks, and ingredients, already held 20% of Nói-Siríus dating back to a deal in 2019, and has now acquired the rest of the company from “several private investors”.
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Financial terms have not been disclosed ahead of pending approval of the transaction by Iceland’s competition authority.
Nói Siríus owns the chocolate brands Síríus, Nóa Konfekt, Nóa Kropp, Nóa Páskaegg and Konsum. Based in the Icelandic capital of Reykjavik, the company posted a turnover last year of ISK3.6bn (US$28.5m), more than 70% of which was generated from its home market. The business was founded in 1920 and employs 120 people.
The company will be incorporated into Orkla’s confectionery and snacks division, the head of which is Ingvill Berg.
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