Meat producer HKScan has signed an agreement to sell its 50% stake in Saturn Nordic Holdings to Danish Crown, the joint owner of the company, for €180 million.
Saturn Nordic Holding, established in 2004 with Danish Crown, holds 100% of the shares in Polish meat processing company Sokolow. HKScan said in a statement last week that will no longer hold an indirect stake in Sokolow.
However, it will retain its wholly owned Polish subsidiary, HKScan Poland.
The Sokolów Polish business has been profitable and growing, down through the years. In 2013, HKScan's 50% share of Sokolów's net sales was €375 million.
"The deal is positive for all parties. For HKScan, the divestment enables the Group to accelerate setting an even stronger focus on our other home markets," says Hannu Kottonen, President and CEO of HKScan. "We continue building HKScan as one strong Nordic Group focusing on branded meat business. The deal resulting in strong balance sheet and lower net financial costs will improve our prerequisites for speeding-up the strategic work to invest in our strong brand offering as well as on related production facilities and technologies," Kottonen adds.
© 2014 - European Supermarket Magazine by Enda Dowling
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