Orkla's acquisition of Finnish textile brands completed
The agreement to purchase four well-known textile brands has now been completed.
Under the agreement, which was entered into 21 March this year, Orkla is acquiring the brands Norlyn, Amar, Black Horse and Finnwear, which all hold strong market positions in the Finnish grocery trade. The products are a good match for Pierre Robert's existing product portfolio which, in addition to underwear, socks and tights, comprises sport underwear and wool undergarments.
"This acquisition is strategically important for expanding Pierre Robert's presence in the Nordic region. Norlyn, Amar, Black Horse and Finnwear are well-established brands in the Finnish market, with high recognition and strong loyalty among Finnish consumers. We see a significant potential for further strengthening the brands' position and continuing to develop the textile category in close cooperation with the customers in Finland," says Hege Holter Brekke, CEO of Pierre Robert Group.
The brands covered by the agreement generated a turnover of EUR 17.2 million (approx. NOK 163 million) in 2015. 22 employees will be transferred to Pierre Robert as part of the transaction.
About Orkla
Orkla is a leading supplier of branded consumer goods and concept solutions to the grocery, out-of-home and bakery markets in the Nordics, Baltics and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and its head office is in Oslo. In 2015, the Group had a turnover of approximately NOK 33 billion, and had 14,670 employees at year end.
About Pierre Robert Group
Pierre Robert Group (PRG) develops and supplies basic garments for women, men and children, tailored for the Scandinavian way of life, under the Pierre Robert and La Mote brands. The garments are both comfortable to wear and have a stylish Nordic design.
Orkla ASA
Oslo, 29 April 2016
Ref.:
Group Director Corporate Communications and Corporate Affairs
Håkon Mageli
Tel.: +47 928 45 828
Email: hakon.mageli@orkla.no
SVP Investor Relations
Mattias Orrenius
Tel.: +47 983 66 334
Email: mattias.orrenius@orkla.no
CEO Pierre Robert Group
Hege Holter Brekke
Tel.: +47 932 01 782
Email: hege.holter.brekke@pierrerobert.no