HKScan and AS Maag Grupp have as of late closed the up to now introduced transaction wherein HKScan will promote its Baltic companies to the Estonian AS Maag Grupp. The transaction concerned the stocks of AS HKScan Estonia, AS HKScan Latvia and UAB HKScan Lietuva, the subsidiaries constituting HKScan’s Industry Unit Baltics. The debt-free acquire worth was once EUR 90 million, of which EUR 20 million is conditional at the blended efficiency of the one by one outlined meat trade topic to the transaction and Maag Grupp’s Baltic meat trade within the following years. Of the EUR 70 million mounted acquire worth, EUR 55 million was once paid on the final of the transaction and the remaining will probably be paid over the following 3 years.
With the transaction, HKScan’s possession of its Baltic companies has ended. The companies and workforce of HKScan’s Baltic subsidiaries have been transferred to the brand new proprietor on the final of the transaction. Sale of the Baltic companies will fortify HKScan’s profitability and make stronger its stability sheet. As well as, the divestment will support HKScan’s skill to fortify its manufacturing potency and execute its long-term means of rising into a flexible meals corporate.
The transaction has additionally modified HKScan’s construction and fiscal key figures. This has been integrated within the corporate’s monetary experiences from the start of 2023. Upon final, the online gearing reduced via roughly 18 proportion issues and, because of next bills of the mounted acquire worth, will lower via an extra 5 proportion issues.
The Baltic manufacturing gadgets are positioned in Rakvere, Tabasalu and Viiratsi in Estonia and Jelgava in Latvia. The corporate’s shopper manufacturers within the Baltics are Rakvere, Tallegg, Rigas Miesnieks, Jelgava and Klaipedos Maistas. In 2022, web gross sales for the Baltic companies amounted to EUR 195.7 million (2021: EUR 170.0 million), EBIT was once EUR -30.2 million (2021: EUR -3.6 million) and the typical choice of workers within the 3 international locations was once some 1,500. HKScan operated within the Baltics for the reason that summer season of 1998.
Main points of the transaction had been up to now disclosed in inventory alternate releases: 13 December 2022 and 24 July 2023.
August 31, 2023 – HKScan