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2009-07-02 08:10:00 CEST 2009-07-02 08:10:01 CEST REGULATED INFORMATION Lännen Tehtaat - Company AnnouncementMARITIM FOOD AS ACQUIRED REMAINING SHARES OF SANDANGER AS, JAN BREVIK APPOINTED MANAGING DIRECTOR OF SANDANGERLÄNNEN TEHTAAT PLC STOCK EXCHANGE RELEASE 2 July 2009, 9.10 a.m. MARITIM FOOD AS ACQUIRED REMAINING SHARES OF SANDANGER AS, JAN BREVIK APPOINTED MANAGING DIRECTOR OF SANDANGER Maritim Food AS, which is the Norwegian subsidiary of the Lännen Tehtaat Group, and Cinvest AS, which is the minority owner of fish-processing company Sandanger AS, have agreed a deal by which Cinvest's 49% holding in Sandanger AS is transferred to the ownership of Maritim Food AS. The acquisition cost of these minority shares was approximately EUR 1.2 million. Jan Brevik has been appointed Managing Director of Sandanger AS as of 1 July 2009. He will continue as Managing Director of Maritim Food AS and Maritim Food Sweden AB. As a result of this organisational change, non-recurring expenses of approximately EUR 0.1 million will be recognised in the third-quarter result of the Seafood business. The new ownership arrangements will allow the Maritim Food group to benefit more effectively from the synergies and to further develop the business as part of Maritim Food group. Sandanger AS operates a fish-processing plant at Gjerdsvika in western Norway. Its main product groups are fresh fish products, Norwegian-style canned fish products, and processed fish products such as terrines, fish puddings and fishcakes. The company's brand name is Sunnmöre. The product range includes not only consumer products but also products for the hotel, restaurant and catering sector. Besides its sales on the Norwegian market, Sandanger AS also exports a certain amount of its products. Sandanger AS's net sales in 2008 amounted to EUR 12 million, and its operating profit was EUR 0.5 million. The company employs 63 people. LÄNNEN TEHTAAT PLC Matti Karppinen CEO Further information: Matti Karppinen, CEO, tel. +358 10 402 4001 Copies to: NASDAQ OMX Helsinki Ltd Main media www.lannen.fi |
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