MARITIM FOOD AS ACQUIRED REMAINING SHARES OF SANDANGER AS, JAN BREVIK APPOINTED MANAGING DIRECTOR OF SANDANGER
LÄNNEN TEHTAAT PLC STOCK EXCHANGE RELEASE 2 July 2009, 9.10 a.m.
MARITIM FOOD AS ACQUIRED REMAINING SHARES OF SANDANGER AS, JAN BREVIK APPOINTED
MANAGING DIRECTOR OF SANDANGER
Maritim Food AS, which is the Norwegian subsidiary of the Lännen Tehtaat Group,
and Cinvest AS, which is the minority owner of fish-processing company Sandanger
AS, have agreed a deal by which Cinvest's 49% holding in Sandanger AS is
transferred to the ownership of Maritim Food AS. The acquisition cost of these
minority shares was approximately EUR 1.2 million.
Jan Brevik has been appointed Managing Director of Sandanger AS as of 1 July
2009. He will continue as Managing Director of Maritim Food AS and Maritim Food
Sweden AB. As a result of this organisational change, non-recurring expenses of
approximately EUR 0.1 million will be recognised in the third-quarter result of
the Seafood business. The new ownership arrangements will allow the Maritim Food
group to benefit more effectively from the synergies and to further develop the
business as part of Maritim Food group.
Sandanger AS operates a fish-processing plant at Gjerdsvika in western Norway.
Its main product groups are fresh fish products, Norwegian-style canned fish
products, and processed fish products such as terrines, fish puddings and
fishcakes. The company's brand name is Sunnmöre. The product range includes not
only consumer products but also products for the hotel, restaurant and catering
sector. Besides its sales on the Norwegian market, Sandanger AS also exports a
certain amount of its products.
Sandanger AS's net sales in 2008 amounted to EUR 12 million, and its operating
profit was EUR 0.5 million. The company employs 63 people.
LÄNNEN TEHTAAT PLC
Matti Karppinen
CEO
Further information: Matti Karppinen, CEO, tel. +358 10 402 4001
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