Orkla Latvija has sold its convenience business in Latvia and Lithuania. The business consists primarily of fresh sandwiches through convenience stores and petrol stations locally.
The convenience business formed a part of Orkla’s acquisition of NP Foods in 2016 and has been organised in the subsidiaries SIA Fresh Food Production (Latvia) and Margiris UAB (Lithuania). 100 percent of the shares in SIA Fresh Food Production has been sold to the Lithuanian company Mantinga UAB, while 100 percent of the shares in Margiris UAB has been sold to the company’s CEO Audrius Daugela.
The convenience business generated approximately EUR 10 million in sales in 2021. The parties have agreed not to disclose the purchase prices.
The businesses are deconsolidated from Orkla’s financial statements from 1 June 2022 (approx. EUR 4 million annual sales) and 1 October 2022 (approx. EUR 6 million annual sales).
About Orkla Latvija
Orkla Latvija is one of the largest players in the Latvian food industry and has a broad portfolio of food, snack and chocolate products. The company has brands such as Laima, Selga, Ādažu, Staburadze and Spilva, and has five production facilities. Orkla Latvija reports to both the Orkla Foods Europe and Orkla Confectionery & Snacks business areas.
About Orkla
Orkla is a leading supplier of branded products and concept solutions to the consumer, catering and bakery markets in the Nordic, Baltic and selected markets in Central Europe and India. The company is listed on the Oslo Stock Exchange and is headquartered in Oslo. In 2021, the Group had a turnover of NOK 50.4 billion, and has approximately NOK 21,500 employees.
Orkla ASA
Oslo, 30 September 2022
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