Norwegian conglomerate Orkla has announced the completion of its acquisition of Nói-Siríus HF, which is one of the leading manufacturers of chocolate and confectionery in Iceland.
The transaction has been approved by the relevant competition authorities, Orkla said in a statement, and was completed on 4 June.
Nói-Siríus is being consolidated into Orkla's financial statements as of 1 June, it added.
'A Good Fit'
“Nói Siríus holds a unique position in Iceland and is a good fit with Orkla’s portfolio of leading brands," Orkla President and CEO Jaan Ivar Semlitsch commented last month.
"We see a potential for creating value by continuing to build on Nói Siríus’s strong brands in Iceland, while also expanding the product range. Chocolate, snacks and confectionery are core categories for Orkla and Iceland is a growth market - we intend to be part of that growth."
Orkla held a minority shareholding in Nói-Siríus for a period of two years, leading up to the acquisition.
Finnur Geirsson will continue to serve as CEO of the Icelandic business until 1 August 2021, when Lasse Ruud-Hansen, who until recently held the position of Investment Director at Orkla Consumer & Financial Investments, will take up the post.
Orkla Food Ingredients already operates in Iceland through the partly-owned company Dragsbæk, as well as Kjarnavörur, Gæðabakstur, and Nonni litli. It also sells several Orkla brands, such as Toro, Grandiosa, KiMs, OLW and Jordan, in Iceland through distributors.