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Emmi to increase stake in Tunisian dairy company

FBR Staff Writer Published 11 January 2018

Swiss dairy company Emmi, through its Spanish subsidiary Kaiku Group, is increasing its stake in Tunisian dairy producer Centrale Laitière de Mahdia, the owner of Vitalait brand.

Kaiku will buy an additional 10% stake in Centrale Laitière de Mahdia for an undisclosed price.

After the transaction, which is subject to approval from the Tunisian authorities, Kaiku will increase its stake in the Tunisian dairy to 54.7%.

Emmi said strengthening its global footprint is part of its strategy and Tunisia plays a major role in this being its fourth-largest international market.

Vitalait is among the leading dairy products range in Tunisia.

Centrale Laitière de Mahdia has grown steadily in recent years and has enhanced its portfolio. Apart from drinking milk, the company is also into production of yogurt, desserts and yogurt drinks.

The transaction by its Spanish subsidiary will see Emmi take its overall stake in the Mahdia-based Centrale Laitière de Mahdia to 40.2 %.

Emmi and Kaiku plan to increase their interest in Centrale Laitière de Mahdia by another 9.34 % in a second step in 2021. Following the future transaction, Emmi's stake in the Tunisian firm will move up to 47.1%.

Emmi, in a statement, said: “The increase in stake underlines Emmi’s and Kaiku’s commitment to the growing Tunisian market. The transactions will not affect Emmi’s EBIT or sales, as Vitalait is already fully consolidated.”

The Swiss dairy producer owns 73.4% stake in Kaiku, whose main markets are Spain and Chile other than Tunisia.

Last week, Emmi sold its 22% interest in The Icelandic Milk and Skyr Corporation (siggi's) as part of the US yogurt maker’s acquisition by French dairy group Lactalis.

Image: Emmi’s subsidiary Kaiku to take its stake in Centrale Laitière de Mahdia to 54.7%. Photo: courtesy of adamr/FreeDigitalPhotos.net.