Emmi sells Spanish goat cheese company
With roughly 40 full-time-employees, Lácteos Caprinos generates annual sales of around €10m ($12.2m).
After examining various options, beyond purely economic considerations, Emmi said the decision was based on adjustments to its Europe-wide goat’s milk procurement strategy. However, Emmi said, the consistent expansion of the goat’s milk products nice remains strategically important.
The new owner, Lácteas García Baquero S.A., has a long history and extensive expertise in the cheese business and a complementary product portfolio and distribution network. As part of the transaction, all employees will be taken over and the business will continue under the Lácteos Caprinos brand. The parties have agreed not to disclose the purchase price.
The sale will result in a one-off charge of around CHF 15m ($16.9m) to EBIT in the 2020 financial year for Emmi. The majority of this loss is attributable to the “goodwill recycling” principle required by Swiss GAAP FER. This principle requires to include Goodwill, which has been set off against equity at the date of acquisition, in the calculation of the profit or loss from the sale. The transaction has only a minor impact on Emmi’s cash and cash equivalents.