20 February 2008 - Norwegian dairy firm Synnove Finden ASA will acquire a 29.65% stake in partner company Ryfylkemeieriet AS for 1.6 mln Norwegian crowns (203,000 euro), in a bid to expand its cheese production capacity.
Synnove Finden said it also has the option to buy an additional 21% pct of the shares, which would enable the company to become the majority shareholder.
Based in Ryfylke, southwestern Norway, Ryfylkemeieriet has produced cheese for Synnove Finden since March 2006.
Currently, Ryfylkemeieriet has an average daily production of 1,300 tons of cheese.
In October last year, FLEXNEWS reported that Synnove Finden was subject to a possible takeover by Norwegian food industry investor Scandza AS for USD 99.3 million. The deal did not go through.
Synnove Finden is based in Oslo, Norway, and employs 400 staff. Its three main plants produce cheese, butter and margarine.