KARLSHAMN, Sweden, Sept. 11, 2019 /PRNewswire/ -- To expand its ingredient portfolio with a product range critical to many of its customers, AAK has acquired 80 percent of Soya International (Europe) Ltd. The UK-based company focuses on the sourcing, processing and distribution of non-GMO semi-speciality and speciality lecithins. Lecithin is a natural emulsifier and a by-product from the processing of vegetable oils.
"Lecithin is a key ingredient for many customers within our core segments, especially Chocolate & Confectionery Fats and Bakery, but also Dairy, Special Nutrition, and Personal Care", says Johan Westman, President and CEO. "By expanding our portfolio with this value-adding ingredient, we will further enhance our co-development capabilities and be able to create even better solutions in close collaboration with our customers globally."
Soya International was founded in 1996 by brothers Sonny and Sonu Arora and operates out of Manchester, UK. It has a third-party processing facility in the Netherlands and holds well-established relationships with customers and distributors in 40 markets globally. The company had last year revenues of approximately SEK 150 million. Sonny Arora will remain Managing Director of the business which will trade under the name of AAK Soya International Ltd.
There is a put/call option under which AAK could acquire the remaining 20 percent of the company within the next 2–5 years.
The acquisition will be consolidated as of today and has no significant impact on AAK's earnings. Acquisition-related costs will be charged to the third quarter 2019.
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The information was submitted for publication at 8:50 a.m. CET on September 11, 2019.
AAK is a leading provider of value-adding vegetable oils & fats. Our expertise in lipid technology within foods and special nutrition applications, our wide range of raw materials and our broad process capabilities enable us to develop innovative and value-adding solutions across many industries – Chocolate & Confectionery, Bakery, Dairy, Special Nutrition, Foodservice, Personal Care, and more. AAK's proven expertise is based on more than 140 years of experience within oils & fats. Our unique co-development approach brings our customers' skills and know-how together with our own capabilities and mindset for lasting results. Listed on Nasdaq Stockholm and with our headquarters in Malmö, Sweden, AAK has more than 20 different production facilities, sales offices in more than 25 countries and more than 3,700 employees. We are AAK – The Co-Development Company.
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SOURCE AAK AB