AAK acquires 75% of Russian long-term partner Margaron
AAK has acquired 75% of NPO Margaron LLC, a producer of margarines, spreads, and bakery and confectionery fats, based in St. Petersburg, Russia.
AAK has acquired 75% of NPO Margaron LLC, a producer of margarines, spreads, and bakery and confectionery fats, based in St. Petersburg, Russia. Margaron has been a toll manufacturer to AAK for more than a decade and had 2019 revenues of approximately SEK 280 million (approximately $29.5 million). The acquisition will enable AAK to move closer to many of its global strategic accounts, which have established themselves in Russia.
“Russia and the CIS countries [Commonwealth of Independent States] have a population of more than 200 million people and is a highly attractive market for AAK,” said Johan Westman, president and CEO. “It is also one of the world’s largest chocolate and confectionery markets with strong potential for our special nutrition, bakery, and dairy segments as well. By strengthening our local footprint, we will have an opportunity to expand our product portfolio and unique customer co-development approach to the Russian market.”
AAK could acquire the remaining 25% of Margaron if specific long-term targets are met. The acquisition, which is subject to approval from local authorities, is expected to be finalized during the second quarter of 2020.
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