March 1/St. Petersburg, Russia/Russian Financial Control Monitor(RFCM): Mergers & Acquisitions (English) -- Norway-based Orkla Brands International has decided to merge its Russian chocolate and confectionery companies, Krupskaya and SladCo, into Orkla Brands Russia.
The new company will be headquartered in St Petersburg, will have around 3,350 employees under one management team, and will generate combined sales of 6.8 billion Russian rubles ($235.3 million or 170.7 million euros).
SladCo CEO Vadim Ter-Israelyan has been appointed chief executive of Orkla Brands Russia. Paul Jordahl, CEO of Orkla Brands International, will be Orkla Brands Russia's new chairman.
"Combining the best of both organizations, we will improve our competitive position in a demanding Russian market," he said.
Orkla acquired SladCo in 2005 and Krupskaya in 2006.
From the March 2, 2011, Prepared Foods' Daily News
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