LÄNNEN TEHTAAT TO STRENGTHEN ITS FINNISH SEAFOOD BUSINESS THROUGH AN OWNERSHIP ARRANGEMENT WITH TAIMEN OY
LÄNNEN TEHTAAT PLC RELEASE 21 MAY 2010, 9;30 AM
LÄNNEN TEHTAAT TO STRENGTHEN ITS FINNISH SEAFOOD BUSINESS THROUGH AN OWNERSHIP
ARRANGEMENT WITH TAIMEN OY
Lännen Tehtaat plc and the principal owners of Taimen Oy have agreed on an
arrangement whereby the Lännen Tehtaat Group’s subsidiary Apetit Kala Oy will
acquire a 30% holding in Taimen Oy and Taimen Oy will acquire a 30% holding in
Apetit Kala Oy. As part of this arrangement, Taimen Oy will transfer to Apetit
Kala Oy the share capital of its fish-processing subsidiary Myrskylän Savustamo
Oy and the share capital of Myrskylän Savustamo Oy’s subsidiary, Safu Oy. The
parties have agreed not to publish the acquisition prices in this arrangement.
The Taimen Group has a total of 28 fish farming units in Finland and Sweden and
also three gutting facilities. For many years the company has been Apetit Kala
Oy’s principal supplier of rainbow trout raw materials. The ownership
arrangement will allow the integration of Apetit Kala Oy with the fish farming
end of the processing chain. The arrangement will create the most efficient
fresh-product supply chain for rainbow trout on the Finnish market. It will also
produce synergy benefits, for instance in production and logistics. The
arrangement will, furthermore, open up opportunities for introducing new
business models.
Founded in 1964, Taimen Oy is one of Finland’s longest established seafood
companies. The company, which will become an associated company of the Lännen
Tehtaat Group, has specialised in the farming and processing of rainbow trout,
trout, whitefish and Saimaa Arctic char, as well as fry and fingerling
production. The Taimen Group’s total annual production is approximately eight
million kilos, and its market share is about half of total rainbow trout
production in Finland. The Taimen Group’s net sales in 2009 amounted to EUR 29.5
million, and its operating profit was EUR 4.4 million. Taimen Oy has five
subsidiaries, the biggest of which are fish farming company Ålands Fiskförädling
Ab and the fish-processing and packaging specialist Myrskylän Savustamo Oy.
Myrskylän Savustamo Oy, which is to be incorporated into Apetit Kala Oy,
manufactures and markets fish products under the Safu brand. Myrskylän Savustamo
Oy’s net sales in 2009 totalled EUR 3.8 million, and its operating profit was
EUR 0.3 million.
The ownership arrangement is planned for implementation in June 2010. It will
have no impact on Lännen Tehtaat’s 2010 profit guidance. Lännen Tehtaat’s
financial advisor in the arrangement is Evli Bank Plc, Corporate Finance.
LÄNNEN TEHTAAT PLC
Matti Karppinen
CEO
Further information: CEO Matti Karppinen, tel. +358 40 844 8692
Copies to:
NASDAQ OMX Helsinki Ltd
Main media
www.lannen.fi
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