November, 15. 2005
Atria completes PIT Produkt acquistion
The Russian competition authorities have granted Atria Group plc permission to acquire the meat processing business of the St. Petersburg based PIT Produkt Group. Other completion conditions for the deal have also been fulfilled. The acquisition deal is now officially completed. Atria issued a stock exchange release concerning this plan on 16 June 2005.
The PIT Produkt Group has grown rapidly since its establishment in 1996. It is currently the market leader in meat products in the St. Petersburg area, where, according to a study commissioned by Atria, the group enjoys a market share of close to 20%. The company currently operates two production plants with over 1,000 employees.
PIT Produkt's growth has been exceptionally strong this year and the company has further strengthened its position on the market. In order to increase capacity, Atria and PIT Produkt will begin to plan a new production plant with manifold capacity compared to the existing plant.
At the end of October, Atria released its third quarter earnings. The company is in the midst of a strong growth phase. By the end of September turnover had reached 717 million euro, with growth at 16.9% compared to the year before. Growth was extremely strong in domestic markets. Pre-tax profit was at the previous year's level in the third quarter at 13.7 million euro. The group's operating result before tax and without the previous year's TEL pension items in the firstnine months was also slightly better than last year at 28.9 million euro.
For further information:
Seppo Paatelainen, CEO,
tel. +358 400 661 742.
Helsinki Stock Exchange
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