Glisten Becomes a Part of Raisio plc
Raisio’s CEO Matti Rihko: “This acquisition provides both the parties good opportunities for growth and expansion into small but growing product categories on new market areas.
8 Apr 2010 --- Raisio’s growth phase is proceeding according to plan when the acquisition of British snack foods manufacturer Glisten plc came into force on 8 April 2010 after the completion of related legal conditions. Glisten has filed an application for cancellation of the admission to trading of Glisten Shares on the AIM market of the London Stock Exchange effective from 9:00 a.m. Finnish time on 9 April 2010.
In March Glisten’s shareholders approved, by the majority of 98 per cent, Raisio’s cash offer of EUR 1.61 (GBP 1.40) per share. Raisio will pay EUR 22.8 million (GBP 19.8 million) for the entire issued share capital of Glisten and undertake the company’s interest-bearing net debt. The consideration due to Glisten’s shareholders will be paid no later than 22 April 2010.
After the completion of the acquisition, Glisten Ltd is owned by Raisio UK Ltd, of which Raisio plc owns 85 per cent and Glisten’s senior management 15 per cent. Furthermore, Glisten’s Chief Executive, MBA Paul Simmonds has been appointed as a member of Raisio Group’s Management Team as of 8 April 2010. Glisten’s result will be reported as a part of the figures of Raisio’s Brands Division from the second quarter of the year.
Glisten is a growing, consumer-led, innovative and healthy snack foods producer. Its products are sold in impulse channel and retail shops. Glisten has well-established brands such as Fruitus and Dormen’s. In addition, the company manufactures e.g. Weight Watchers and Sun-Maid brand products under licensing agreements. Also big European food manufacturers are significant customers of the company. According to the half-year results of July-December 2009 announced by Glisten in March 2010, the company’s net sales grew from the comparison year by over 10 per cent and the EBIT improved.
Raisio’s CEO Matti Rihko: “This acquisition provides both the parties good opportunities for growth and expansion into small but growing product categories on new market areas. We have already begun the work to launch Raisio’s products to the UK market and correspondingly Glisten’s products to the Finnish and neighbouring markets. We will continue in the path of growth and internationalization and actively work to find suitable new product categories and markets for Raisio.”