Orkla has announced the acquisition of personal care company Riemann Holding for an undisclosed sum.
Norwegian personal care company Orkla holds a strong position in the sun protection and antiperspirant markets and is hoping to strengthen its foothold in the pharmacy channel with the Riemann Holding purchase, with the company operating the P20 and Perspirex brand names.
Stig Ebert Nilssen, EVP and CEO of Orkla Care, said, “Riemann has an attractive position in the pharmacy channel and a presence in Orkla’s priority growth markets. The purchase of Riemann complements Orkla’s personal care product portfolio, and gives us access to new growth platforms. The acquisition also offers potential for synergies with our present operations.”
Based in Denmark, around 90 percent of Reimann Holdings turnover is generated by exports to other European markets, with the company achieving annual turnover of around 8 percent over the past few years.
Incorporated into Orkla’s financial statements as of 1 June, the Reimann businesses will be managed under the Orkla Home & Personal Care business unit.