Reykjavik, 31 January 2008, Bakkavör Group has acquired the Chinese vegetable
and fruit provider, Yantai Longshun Foods. The consideration price, which
remains confidential, was financed by Mizuho Corporate Bank Limited.
Longshun Foods supplies vegetables and fruit to the retail and food service
markets in China. This investment allows Bakkavör Group to further support its
customers' expansion in China, gives the Group access to good sourcing of high
quality raw materials, broadens its product portfolio and increases its
geographic coverage. The company was established in 2001 and is located in a
small port of Lai Yang City, 120 km from Quingdao and employs over 240 people.
Longshun Foods will be consolidated into Bakkavör Group from the acquisition
date, but the acquisition will not have a material effect on the Group's
financial results.
Further Information:
Ágúst Guðmundsson, CEO
Tel: +354 550 9700
Hildur Árnadóttir, CFO
Tel: +354 550 9706
Ásdís Pétursdóttir, IR
Tel: +354 858 9715
About Bakkavör Group
Bakkavör Group is a leading international food manufacturing company
specialising in fresh prepared foods and produce. The Group operates 57
factories and employs around 20,000 people in nine countries. The Group's Head
Office is in Reykjavík, Iceland, and the business is listed on the OMX Nordic
Exchange in Iceland (www.omxgroup.com/nordicexchange Ticker: BAKK).
The Group's vision is to be recognised and respected as the world's leading
fresh prepared foods and produce provider. Bakkavör Group has attained leading
market positions. In total, the Group makes over 4,700 products in 17 product
categories, which are developed and sold predominantly under its customers' own
brands. In addition to the UK and Iceland, the Group also has business
operations in France, Belgium, Spain, South Africa, China, the Czech Republic
and the United States.
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