Orkla Food Ingredients inks agreement to buy Confection by Design
Category: #business  | By Mateen Dalal  | Date: 2019-07-02 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Orkla Food Ingredients inks agreement to buy Confection by Design

Orkla Food Ingredients through its whole-owned arm, NIC Enterprises Limited signed an agreement with the British-based fudge and toffee manufacturer. The financial details for this deal have not been disclosed by the companies. The merger of Confection by Design Ltd. with Orkla’s is due on July 1, claim sources.

For the uninitiated, Confection by Design is the supplier of fudge and toffee to ice cream producers, bakeries and confectioners with around 80% sales in the UK and remaining 20% sales from other countries. Close to 66% of the toffee maker’s assets is distributed by Orchard Valley Foods – Orkla’s UK based subsidiary.

The CEO of NIC Group, Mr. Tor Osmundsen, has been quoted to state that purchasing Confection has been a right decision, since it would further augment Orkla’s stance as a prominent supplier to the bakery, ice-cream and chocolate markets.

Orkla, as per sources, has been in the headlines for quite a while now, on account of its acquisition activities. Recently in April, the company announced a deal to acquire Zeelandia Sweden AB. Zeelandia supplies margarine, vegetable oils and bakery ingredients to the Swedish market.

Orkla also signed an agreement in March to purchase Stelios Kanakis Industrial and Commercial S.A., a Greek-based company and Asteriscos e Reticências S.A. which manufactures fermented, tea-based health beverages. These health drinks are sold across Europe under the brand names Captain Kombucha and Lecora.

For the record, Confection by Design is known to be a privately-owned business, which was set up apparently in the year 1988 with headquarters in the north of England. In the financial year ending 30 June 2019, the company’s turnover has come up to £5.7 million. Orkla Food Ingredients on the other hand, is one of the strongest suppliers of bakery and ice-cream ingredients in the F&B market and holds a strong reputation in the European region.

Source Credits:

https://www.foodingredientsfirst.com/news/orkla-food-ingredients-acquires-uk-fudge-and-toffee-manufacturer-confection-by-design.html

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal     twitter

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More..

More News By Mateen Dalal

Microsoft investigates Teams and Outlook outage that left users disrupted

Microsoft investigates Teams and Outlook outage that left users disrupted

By Mateen Dalal

Microsoft, the U.S.-based technology frontrunner, reportedly investigating an outage that prevented thousands of customers from accessing services like Teams and Outlook. Apparently, the tech giant did not disclose the number of users that were im...

UK: Budget & basic items’ cost in supermarkets soar 20.3% in December

UK: Budget & basic items’ cost in supermarkets soar 20.3% in December

By Mateen Dalal

Britishers who rely on the budget-friendly aisles of supermarkets reportedly saw the biggest increases in food prices in the months leading up to Christmas, significantly outpacing those for luxury as well as premium brands, as per a survey. Accor...

Sun Cable shuts as $21B solar project to power S’pore hangs in balance

Sun Cable shuts as $21B solar project to power S’pore hangs in balance

By Mateen Dalal

Sun Cable, the Singapore-based solar energy company, has reportedly entered voluntary administration, despite the financial support it received from billionaire investors. The company was supposed to be working on a A$30 billion (US$21 billion) solar...