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Orkla Invests in Icelandic Confectionery Brand

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Orkla Invests in Icelandic Confectionery Brand

Orkla Invests in Icelandic Confectionery Brand
August 29
12:00 2019

Orkla, the Nordic region’s largest branded consumer goods company, has agreed to purchase 20% of Nói-Siríus, Iceland’s leading chocolate and confectionery manufacturer, for an undisclosed price. Nói Siríus is market leader in Iceland, and well known for chocolate brands such as Síríus, Nóa Konfekt, Nóa Kropp, Nóa Páskaegg and Konsum.

Over 70% of the company’s turnover is generated by domestic market sales. Moreover, a growing percentage of the company’s sales are export and tax-free sales. The business also distributes some strong, global brands of chocolate, snacks and breakfast products.

Orkla operates in Iceland through the partly-owned company Dragsbæk, which is part of the Orkla Food Ingredients business area. In addition, several of Orkla’s brands such as Toro, Grandiosa, KiMs, OLW and Jordan are sold in Iceland through distributors.

“Nói Siríus holds a unique position in Iceland and is a good fit with Orkla’s portfolio of leading brands. Chocolate, snacks and confectionery are showing good growth and are core categories for Orkla. We see a potential for creating value by utilising the companies’ strengths across markets, improving production efficiency and building on our position in Iceland, which is a growth market,” says Jeanette Hauan Fladby, chief executive of Orkla Confectionery & Snacks.

Nói Siríus was established in 1920 and has about 150 employees. The company is currently owned by several private investors. The business’s head office, production plants and warehouse facilities are centrally located in Reykjavik. The company is headed by managing director Finnur Geirsson, who will continue to lead the company after completion of the agreement.

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