Reykjavik, 5 October 2007 - Bakkavör Group has further strengthened its UK business with the acquisition of Welcome Food Ingredients Ltd, a UK flavourings and sauce producer. The consideration price, which remains confidential, was financed through and paid by the Group's own cash resources.
Welcome Food Ingredients was established in 1994 and specialises in using fresh and dried ingredients to create and manufacture flavourings and blends such as sauces, pastes and dressings for the food industry. The company is located in Nottinghamshire and employs 115 people.
Welcome 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 during this financial year.
Ágúst Gudmundsson CEO of Bakkavör Group, said:
“The acquisition of Welcome Foods Ingredients brings to the Group an added value business with good prospects for continued growth through existing and new customers in the UK."