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Chr. Hansen Reports Solid First Quarter Performance, PAI Partners Exits

Chr. Hansen Reports Solid First Quarter Performance, PAI Partners Exits

Date:11 January 2012

Type:Business News

Source:Food Ingredients First

Sector:Functional & Fortified Foods, Nutrition

Summary:CEO Lars Frederiksen said that “Our financial year 2011/12 has started positively."

Jan 11 2012 --- Chr. Hansen has reported growth of 13% in the first three months of financial year 2011/12.

 CEO Lars Frederiksen said that “Our financial year 2011/12 has started positively. Organic revenue growth reached 13% and with EBIT up by 20% reaching an EBIT margin two percentage points higher than Q1 last year we continue to demonstrate the scalability of our business model. At the same time we have increased our investment in Research & Development which shows our commitment to building a strong future for Chr. Hansen.
 
"In a challenging world economy it is encouraging to see the strength of our growth platform with solid improvements across our regions and divisions. With the strong performance in Q1 we reiterate our outlook for the year," he concluded.
 
The news came as French private equity firm PAI Partners agreed to sell its remaining 25.7% stake in Chr. Hansen to Denmark's Novo A/S for about 4.14 billion Danish kroner ($707.2 million).

The sale of 35.4 million shares at Dkr117 apiece will end PAI Partners' nearly seven-year involvement with the company. It paid Dkr8.2 billion for Novo in 2005. Chr. Hansen shares jumped as much as 17 percent before retreating from highs to trade up 12.2 percent on the news on Wednesday.
 
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