Emmi sells Gläserne in Germany
Image: Emmi
The Swiss dairy group Emmi is selling the Gläserne Molkerei, based in north-eastern Germany (Dechow) and geared towards the production of regional organic dairy products, to Mutares Mutares SE, which is based in Munich.
The transaction takes place as part of the consistent and continuous portfolio transformation and the focus on profitable, strategic markets and niches such as ready-to-drink coffee, specialty cheeses, chilled premium desserts and plant-based milk alternatives.
In 2022, Gläserne Molkerei generated sales of around €100 million and has over 120 employees.
“The new ownership structure creates sustainable future prospects for the Gläserne Molkerei with its high-quality organic dairy range and enables Emmi to consistently implement its focused strategy,” says Ricarda Demarmels, CEO of the Emmi Group.
Gläserne Molkerei has an approach to regionality, biodiversity and sustainability throughout its value chain. Its customers include food retail and specialist chains.
Mutares plans to accelerate the sustainable growth of Gläserne Molkerei with its customers. In addition to the development of new sales channels, the diversification of the product portfolio will be crucial, as well as the competitive adjustment of the cost structure.
The sale of Gläserne Molkerei will result in a one-time loss for Emmi of around CHF38 million (USD $44.24 million) at EBIT level and around CHF30 million (USD 34.94 million) at net profit level in the 2023 financial year. A significant part of the loss is due to the ‘goodwill recycling’ principle required by Swiss GAAP FER, in which the goodwill offset against equity at the time of acquisition is taken into account when determining the income from the sale. The negative cash impact of the transaction amounts to around CHF10 million (USD $11.65 million).