A Norwegian firm has purchased Latvian owned NP Foods, the firm that's famous for owning chocolate company Laima, Gutta, Staburadze, Staburadzes konditoreja and Margiris.
Orkla says the acquisition would double the scale of its Baltic operations making it one of the largest firms in the Baltics, nozare.lv.
"The acquisition of Laima and other well-established brands is strategically important to Orkla and will significantly strengthen our foothold in the region," said Orkla President and CEO Peter Ruzicka.
Orkla is already represented in the Baltic region through other firms including Spilva, Latfood (Latvia), Kalev and Poltsamaa Felix (Estonia) and Suslavicius-Felix (Lithuania).
"The acquisition of "NP Foods" by "Orkla" gives us access to new technology, in-depth expertise and a well-documented food and product safety system. This will allow us to develop our long-established brands further and open up new opportunities for the company," said Rolands Gulbis CEO of NP Foods
In addition, the "Orkla" Group holds good positions in certain product categories in India, the Czech Republic, Austria, Poland and Russia. The company is also a major supplier to the European bakery market. Besides foods, Orkla also operates in the aluminum, hydropower and real estate sectors.
In December, 2013, Orkla had around 17,000 employees. The group’s turnover in 2013 totaled NOK 33 billion (4.13 billion euros).
NP Foods turnover in 2013 was 64.32 million euros, as compared to 58.77 million euros in 2012. The company's profit in 2013 was 1.107 million euros, as compared to 304,584 euros in 2012.