Scandi Standard (SCST SS) enters into agreement to divest its 51% stake in Rokkedahl Food
As part of its turnaround process for Denmark, Scandi Standard AB (publ) has entered into an agreement to divest its majority stake in Rokkedahl Food ApS (Rokkedahl Food) to the minority owner Rokkedahl Food Holding A/S, which is controlled by the Rokkedahl family.
Rokkedahl Food operates a slaughterhouse in Denmark specialised in processing of organic and free-range birds. Rokkedahl Food’s products are currently being marketed in Denmark by Scandi Standard’s subsidiary Danpo A/S. Danpo A/S will continue to market organic and free range products in Denmark after the transaction.
The divestment will reduce complexity and free up resources to focus on the ongoing turnaround process of our Ready-to-cook business in Denmark. The deal will also allow us to continue marketing organic and free-range products to our customers in Denmark in a much more capital efficient manner than today, says CEO of Scandi Standard Jonas Tunestål.
The deal, which will become effective 18 July 2023, will have a neutral P&L effect and reduce Scandi Standard’s net interest bearing debt by about MSEK 170.
For further information, please contact:
Jonas Tunestål, CEO: +46 10 456 13 00
Henrik Heiberg, Head of M&A, Financing & IR: +47 917 47 724
This press release contains inside information that Scandi Standard AB (publ) is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the above contact persons on 18 July 2023 at 12.15 CET.
About Scandi Standard
Scandi Standard is the leading producer of chicken-based food products in the Nordic region and Ireland. The company produces, markets and sells ready to eat, chilled and frozen products under the well-known brands Kronfågel, Danpo, Den Stolte Hane, Manor Farm and Naapurin Maalaiskana. Eggs are also produced and sold in Norway. We are approximately 3,000 employees with annual sales of more than SEK 12 billion. For more information, please visit www.scandistandard.com.