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Wednesday, 24.04.2024, 06:43
Fazer selling also Estonian production kitchen to Compass
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During the period between the signing of the agreement and its implementation usual activity will continue, and until the agreement's taking effect Fazer Group together with the units of Fazer Food Services and Compass Group PLC will continue to be competitors.
The transaction is subject to EU competition approval.
Fazer Eesti and the production kitchen of Fazer Food are separate companies in Estonia and the planned transaction does not affect the operations of Fazer Eesti, Fazer has said.
Fazer Group announced last week that it was selling its catering business, including Amica cafes, to the British company Compass Group Plc for 475 mln euros.
Fazer Group said it was taking the step to focus on its fast-moving consumer goods and direct-to-consumer businesses.
To facilitate the transition, Fazer has agreed to license the Fazer Food & Co brand and concept in Finland to Compass for three years.
Getting the approval of the European Commission's directorate general for competition may take several months.
Fazer Food Services is active in Sweden, Denmark and Norway, and has one of its production kitchens in Estonia. The company's revenue in 2018 exceeded 600 mln euros
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