A financial bulletin sent by Atria has outlined the company’s intention to buy a 70% stake in the Turku-based beef processor Kaivon Liha Kaunismaa Oy – commonly known as Kaivon Liha.
The deal is estimated to increase Atria’s sales by €40m ($45.2m) per year and the company expects the deal to be completed during the third quarter of 2016.
This announcement comes hot on the heels of Atria confirming that a multi-million investment at its Nurmo pig cutting plant in Finland will result in its workforce being reduced.
Kaivon Liha currently employs 50 staff at its beef factory. Its customers largely come from Finland’s fast-food and foodservice industries. Not much of a surprise considering its core operation is the manufacture and wholesale of burgers and kebabs.
Atria described the company as one that has “a strong market position in Finland” and said the range of meat items Kaivon Liha prepares will “complement Atria’s product range in beef products.”
The deal still needs approval from the Finnish Competition and Consumer Authority body.
Neither Atria nor Kaivon Liha were available to comment at the time of writing.