- We are very satisfied with our investment in Munakunta, a modern business with a lot of potential. The strategic fit with our other activities in Denmark and Sweden is extremely good. Our retail customers want large volumes, competitive prices and innovative products, along with proactive marketing. These are all aspects that will be strengthened by the acquisition, says Ivan Noes Jørgensen
Munakunta has two egg packing plants in Finland, plus a product factory for pasteurised egg products. The group also owns a company in Estonia that produces boiled, peeled eggs for the Food Service industry. Finally, the company owns 38% of the shares in a minor egg packer on the west coast of Finland and 12% of the shares in a feed business.
In 2013, the company realised over DKK 392 million turnover with a pre-tax profit of DKK 8.3 million. HEDEGAARD foods expect its annual group turnover to exceed DKK 1.3 billion after the acquisition.
- The acquisition of 50 % of the shares in Munakunta is an important milestone in our strategy from 2010 where we decided to let HEDEGAARD foods follow the rest of Danish Agro group and become a major force in the countries around the Baltic Sea, says Christian Junker, Chairman of the Board, and adds:
- We see good potential for an international egg business able to match the expansion of the retail sector internationally, whilst creating synergies between companies to strengthen competitiveness and profitability, he says.
A new company will be formed in Finland as a result of the acquisition, called Muna Foods Oy. All business activities in Munakunta will be transferred to the new company. The acquisition is subject to merger clearance by the Finnish Competition Authorities. Munakunta's Managing Director Jan Lähde will head Muna Foods Oy, whilst HEDEGAARD foods CEO Ivan Noes Jørgensen will have overall executive responsibility for the group.
- CEO Ivan Noes Jørgensen, HEDEGAARD foods A/S, tel. +45 9857 3055, mobile +45 2333 4833 or firstname.lastname@example.org
- Christian Junker, Chairman, HEDEGAARD foods A/S, tel. +45 2030 5101
About HEDEGAARD foods A/S
HEDEGAARD foods is based in Hadsund and processes, packs and distributes fresh eggs and a range of boiled and pasteurised egg products. The group has an annual turnover of over DKK 1.3 billion and owns Svenska Lantägg AB, Starup K/S and 50% of shares in Muna Foods Oy,. The group also owns 60% of the shares in Eggs Posure A/S, a company that develops and sells packaging concepts worldwide.
HEDEGAARD foods is the market leader in the Nordic region within fresh eggs, and has a total of five egg packing plants in Denmark, Sweden and Finland, plus four egg product factories in Denmark, Sweden and Estonia. The primary markets are Denmark, Sweden, Finland and Estonia, with important export markets in the Faeroes, German, the Czech Republic and Lithuania.
The group has a complete range of eggs from battery hens, barn hens and free range hens, plus a range of organic eggs. Pasteurised products include egg whites, whole eggs and yolks according to customer-specific recipes, boiled, peeled eggs and cooked beaten eggs.
Munakunta was founded in 1921, and is the market leader in Finland within the packing of eggs and production of pasteurised egg products, with a market share of 40%. The company is the distributor of the strong product brand Kultamuna (golden egg), launched in 1967. The handles production and marketing of pasteurised egg products under the brand name Scanegg, originating from the previous subsidiary Scanegg Suomi which was merged into Munakunta in 2010. Munakunta's Estonian subsidiary, AS Eesti Munatooded, a producer of boiled peeled eggs for the Food Service industry, was founded in 1995. In 2013, Munakunta group realised over DKK 392 millionturnover with a pre-tax profit of DKK 8.3 million.
Munakunta's website: http://www.munakunta.fi/