In The Media

TINE acquires Swedish Cheese Company

August 23, 2007

TINE’s Board of Directors has passed a resolution to acquire the Swedish company, Wernersson Ost. Majority shareholder, Accent Equity, and the company’s Management sell each and all shares to TINE. The management in Wernersson proceeds in their existing roles.

Wernersson Ost is Sweden’s leading importer of speciality cheese and has distribution to the major retailers in Sweden. The company also has a Danish subsidiary. Turnover in 2006 was MSEK 400.

Wernersson Ost was founded in 1930. They import and process cheese within the sandwich- and desert market. The company has approximately 225 products in its portfolio. The acquisition strengthens TINE’s portfolio of speciality cheese, which also benefit TINE’s subsidiary, OsteCompagniet.

The acquisition is part of TINE’s positioning in the Nordic market, where the market for speciality cheeses is a strategic area. Wernersson Ost has a market and distribution platform which is attractive for TINE in terms of owning the customer relationship, as well as broadening the portfolio.

TINE is represented on the Nordic market with Jarlsberg and Gudbrandsdalsost. TINE’s partners in the Nordic region will continue to sell these products.

TINE contact: CFO Stein Aasgaard +4790921066

www.wernerssonost.se
www.accentequity.se
www.tine.no