Company Announcement
Bakkavör Group acquires Welcome Food Ingredients
Reykjavik, 5th October 2007, Bakkavör Group has further strengthened its UK
business with the acquisition of Welcome Food Ingredients Ltd, a UK flavourings
and sauce producer. The consideration price, which remains confidential, was
financed through and paid by the Group's own cash resources.
Welcome Food Ingredients was established in 1994 and specialises in using fresh
and dried ingredients to create and manufacture flavourings and blends such as
sauces, pastes and dressings for the food industry. The company is located in
Nottinghamshire and employs 115 people.
Welcome will be consolidated into Bakkavör Group from the acquisition date, but
the acquisition will not have a material effect on the Group's financial
results during this financial year.
Ágúst Gudmundsson CEO of Bakkavör Group, said:
"The acquisition of Welcome Foods Ingredients brings to the Group an added
value business with good prospects for continued growth through existing and
new customers in the UK."
Further Information:
Ágúst Gudmundsson, CEO
Tel: +44 (0)20 7266 6400
Hildur Árnadóttir, CFO
Tel: +354 858 9706
About Bakkavör Group
Bakkavör Group is a leading international food manufacturing company
specialising in fresh prepared foods and produce. The Group operates 55
factories and employs around 20,000 people in eight countries. The Group's Head
Office is in Reykjavík, Iceland, and the business is listed on the OMX Nordic
Exchange in Iceland (www.omxgroup.com/nordicexchange Ticker: BAKK).
The Group's vision is to be recognised and respected as the world's leading
fresh prepared foods and produce provider. Bakkavör Group has attained leading
market positions in its key market areas of ready meals, pizzas, convenience
salads and leafy salads. In total, the Group makes over 4,700 products in 17
product categories, which are developed and sold predominantly under its
customers' own brands. In addition to the UK and Iceland, the Group also has
business operations in France, Belgium, Spain, South Africa, China and the
Czech Republic.
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