Sweden: Lantmannen to acquire Vaasan Group OY
Lantmannen, an international bakery group providing frozen and fresh products for food service and retail, has announced an agreement to acquire the leading Finnish bakery operator Vaasan for an undisclosed amount.
Through this operation, Lantmannen, which already owns 8% of Vaasan, will acquire the remaining shares, at which point Vaasan will become part of Lantmannen Unibake, an international bakery company within the Lantmannen Group.
“The acquisition strengthens our service and delivery and enhances Lantmännen’s and VAASAN’s joint offering with a broad range of products. Together we will have greater market reach and also be able to offer new and innovative products”, said Werner Devinck, CEO Lantmannen Unibake.
Esa Rautalinko, CEO, Vaasan Group, added: “Through this acquisition we join a leading Nordic company within our own industry and our abilities to serve our customers and consumers will further improve. The acquisition also means increased possibilities for international development and new and exciting opportunities for Lantmännen’s and VAASAN’s employees and leaders”.
The acquisition, which is subject to regulatory approval, is due to be concluded by mid-2015.