Orkla Brands announced on 17 November 2011 that they had concluded an agreement for the sale of Bakers, and that the buyer was NorgesGruppen. The deal has now been approved by the Norwegian Competition Authority. Closing date is 1 February.

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Orkla Brands has concluded an agreement for the sale of Bakers. The buyer is NorgesGruppen.

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Procordia won the Grand Prize for its overall growth programme at this year’s Orkla Growth Awards ceremony at Oslo Plaza on Wednesday evening. Read more

• Third-quarter profit was on a par with last year despite difficult market conditions for most of the companies
• Price increases compensated for higher raw material costs in the quarter
• The Russian business achieved profit growth and integration is proceeding as planned

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• Substantial increases in raw material costs are compensated for on an ongoing basis by raising prices, but the majority of the businesses will not have offset the higher costs until in the second half of 2011.
• The establishment of Orkla Brands Russia will reduce the cost base in Russia, but entailed substantial one-off costs, particularly in the first quarter. Market conditions remain difficult and profit declined slightly in the second quarter.
• Large companies like Procordia, Stabburet and Axellus reported good volume and profit growth in the first half of 2011, while Bakers in particular delivered a weaker performance than last year.

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Stabburet’s acquisition of Dagens has been approved by the Norwegian Competition Authority, and the deal was closed today.

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Stabburet AS has entered into an agreement to buy 100 per cent of the shares in Dagens AS, which owns a factory for the small-scale production of pizza.

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• Satisfactory performance for the Nordic branded consumer goods business, taking into account the negative effects of the timing of Easter
• The establishment of Orkla Brands Russia will reduce the cost base in Russia, but entailed substantial one-off costs in the first quarter
• Significant increases in raw material prices are compensated for on an ongoing basis by raising prices, but the effect was somewhat delayed in the first quarter
• Successful launches and profit improvement for Stabburet and Procordia
• Overall market shares were slightly strengthened

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Slad&Co was awarded gold medal at the Annual National Award ceremony in Russia. Read more

Orkla Brands has entered into an agreement to purchase Rasoi Magic Foods, an Indian manufacturer of spices and spice mixes, located in Pune, West India.

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Orkla Brands has decided to merge its Russian chocolate and confectionery companies into one entity named Orkla Brands Russia.

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• Positive volume/mix trend in the fourth quarter
• Stronger market shares
• Purchase of the Nutrilett brand and initiation of Bakers sale process
• Highly volatile raw material prices, with an upward trend during the year

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