Raisio plc has sold its malt business to Viking Malt Ltd, the largest malt manufacturer in the Nordic Countries.
The divestment of Raisio Malt Ltd ensures that strong malt industry remains in Finland. Raisio continues contract farming of malting barley and develops the company’s operations as a malting barley trader and thus also as a partner to Viking Malt.
The divestment of the malt business is part of the streamlining of Raisio’s activities, as synergies between the company’s other businesses haven’t been significant.
The transaction value is €17m and Raisio recognises a one-?off gain of approximately €5m on the transaction for the second-?quarter results of 2011. Malt business has been unprofitable as a result of, eg increased energy taxes and waste water costs.
Raisio Malt Ltd was transferred to the new owner on 1 July 2011 and, at the same time, 24 Raisio employees were transferred to Viking Malt as serving employees.