Emmi Sells Majority Stake In Spanish Goat's Cheese Business
Swiss dairy firm Emmi has announced that it sold its 80% majority stake in Spanish company Lácteos Caprinos to Lácteas García Baquero S.A. for an undisclosed sum.
The move is a part of the dairy giant's strategy to focus on growth and margin delivering international business.
The decision was based on adjustments to Emmi's Europe-wide goat's milk procurement strategy.
The company added that the consistent expansion of the niche with goat's milk products remains strategically important for Emmi.
Lácteos Caprinos specialises in the production of goat's milk products.
It has around 40 full-time employees and generates annual sales of approximately €10 million.
Lácteas García Baquero S.A. has a long history and extensive expertise in the cheese business and a complementary product portfolio and distribution network, Emmi added.
Lácteas García Baquero will retain all employees and the business will continue under the Lácteos Caprinos brand.
The sale will result in a one-off charge of around CHF 15 million to EBIT in Emmi's 2020 financial year.
The majority of this loss is attributable to the 'goodwill recycling' principle required by Swiss GAAP FER, the dairy company said.