MARITIM FOOD AS PLANNING TO IMPROVE PRODUCTION EFFICIENCY IN NORWAY

LÄNNEN TEHTAAT PLC   STOCK EXCHANGE RELEASE   17 February 2011, 09.00 A.M.

MARITIM FOOD AS PLANNING TO IMPROVE PRODUCTION EFFICIENCY IN NORWAY

Maritim Food AS, a Lännen Tehtaat Plc subsidiary, makes minced fish products, dressings and smoked fish products at two plants in Fredrikstad, Norway. The company is planning measures to improve its production efficiency and to concentrate all production at a single plant in Fredrikstad. With concentration of production, the Fredrikstad plant would produce minced fish products and dressings, while smoked fish production would be discontinued.

The annual performance improvement from concentrating production is estimated to be some EUR 0.5 million. Non-recurring costs from the reorganisation of production and the shutdown of one production plant are estimated at not more than about EUR 1.5 million. If Maritim Food goes ahead with its plan, the changes would take place during the year 2011.

In addition to the plants in Fredrikstad, the Maritim Food Group has a plant in Gjerdsvika in western Norway that produces canned products, fishcakes and fishballs, and a plant in Dingle in southwest Sweden, which produces shellfish in brine.

The Group companies’ products are sold in Norway and Sweden under their own brands, namely Maritim, Fader Martin and Sunnmöre, and under retailers’ private labels.  Shellfish in brine are also imported to Finland and sold under the Apetit Maritim label.

The net sales of Maritim Food Group in 2010 totalled approximately EUR 32 million and it had a personnel of 110.

LÄNNEN TEHTAAT PLC
Matti Karppinen
CEO

Further information: CEO Matti Karppinen, tel. +358 40 8448 692

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