The Emmi Group is divesting the Gläserne Molkerei, a northeast German-based company specialising in the production of regional organic dairy products, to Mutares with headquarters in Munich. The transaction is consistent with the Group’s ongoing portfolio transformation and focus on profitable strategic markets and niches such as ready-to-drink coffee, speciality cheeses, premium chilled desserts and plant-based dairy alternatives. The Gläserne Molkerei generated sales of around EUR 100 million with over 120 employees in 2022.
“The new ownership structure creates sustainable future prospects for the Gläserne Molkerei with its high-quality range of organic dairy products and enables Emmi to continue to implement its strategy of focus”, said Ricarda Demarmels, CEO of the Emmi Group.
After a thorough review of various options and intensive discussions with a range of interested parties, Emmi has decided to divest the Gläserne Molkerei to Mutares, a company specialising in turnaround situations. Mutares has a track record of putting companies back on the road to success, both operationally and strategically, thus creating attractive prospects for employees, trading partners, consumers and suppliers alike.
Completion of the sale is subject to approval by the responsible competition authorities. The parties have agreed not to disclose the purchase price.
The sale will result in a one-off loss for Emmi in the financial year of 2023 of around CHF 38 million at EBIT level and around CHF 30 million at net profit level. A significant part of this loss is due to the ‘goodwill recycling’ principle required by Swiss GAAP FER, by which the goodwill offset against equity at the time of acquisition must be taken into account when determining the profit from the sale. The negative cash impact of the transaction amounts to around CHF 10 million.
Adjusted for the one-time special effect resulting from this transaction, Emmi confirms its forecast for the full year 2023 published on 1 March 2023 and will provide information on the current course of business as planned on 18 August 2023 following publication of its half-year results.
