LÄNNEN TEHTAAT TO STRENGTHEN ITS POSITION ON NORWEGIAN AND SWEDISH FISH MARKETS BY INCREASING HOLDING IN SANDANGER AS
LÄNNEN TEHTAAT PLC RELEASE August 30, 2007 at 11;30 a.m.
LÄNNEN TEHTAAT TO STRENGTHEN ITS POSITION ON NORWEGIAN AND SWEDISH FISH MARKETS
BY INCREASING HOLDING IN SANDANGER AS
Maritim Food AS, a Norwegian subsidiary of Lännen Tehtaat plc, has decided to
avail itself of an option to purchase shares in the fish-processing company
Sandanger AS. Maritim Food AS will purchase 3.5% of Sandanger AS's shares in
accordance with the option agreement. The forthcoming transaction will make
Maritim Food the majority shareholder in Sandanger AS, with its holding rising
to 51%. Sandanger AS will be incorporated into the Lännen Tehtaat Group on
August 31, 2007.
Sandanger AS's net sales in 2006 totalled about EUR 11 million and the operating
profit was about EUR 0.5 million. The average number of people working at the
company was approximately 60. Sandanger AS, which focuses on canned fish
products, processed fish products and ready meals, has a modern production plant
at Gjerdsvika in western Norway. The company manufactures products both under
its own Sunnmöre brand and under retailers' own brands. The company's customers
include retail group and the hotel/restaurant/catering sector. Sandanger's
product range will suitably complement Maritim Food's selection on the Norwegian
and Swedish markets.
The Fish Business is one of Lännen Tehtaat's strategic focus areas. The Group
has increased the Fish Business's operations through corporate acquisitions in
Finland, Norway and Sweden, the aim being the achievement of a strong position
in the northern Baltic region.
LÄNNEN TEHTAAT PLC
Matti Karppinen
CEO
More details:
Matti Karppinen, CEO, Lännen Tehtaat plc, tel. +358 10 402 00
Distribution:
Helsinki Stock Exchange
Main media
www.lannen.fi