STOCKHOLM, March 23, 2018 /PRNewswire/ --
Swedish Match acquires House of Oliver Twist A/S, a privately held Danish smokeless tobacco company, headquartered in Odense, Denmark.
House of Oliver Twist A/S has over 200 years of history and is Denmark's oldest independent tobacco manufacturer. The company develops, produces and sells chewing tobacco bits made of processed tobacco strands under the brand Oliver Twist. The company's main markets are in Scandinavia and certain other EU countries. The company has 33 employees and annual revenues amount to approximately 60 MDKK. The closing date of the transaction is expected to be April 3.
Lars Dahlgren, President and CEO of Swedish Match says: "Oliver Twist is a good complement to our smokeless portfolio and will provide increased depth to our chewing tobacco offerings, especially in Europe."
In commenting about the transaction, Michael Drest Nielsen, present owner of House of Oliver Twist A/S says: "It was important to us to find a buyer who shares the same vision for smokeless tobacco as us. With their resources, competence and knowledge within smokeless tobacco, Swedish Match will give Oliver Twist better opportunities to develop and grow."
Details of the purchase price have not been disclosed.
Lars Dahlgren, President and Chief Executive Officer
Thomas Hayes, Senior Vice President and Chief Financial Officer
Emmett Harrison, Senior Vice President Investor Relations and Corporate Sustainability
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SOURCE Swedish Match