Chips and Parrots: the perfect combination?
supplier of natural snacks in Scandinavia.
The Chips Group has acquired Parrots, the biggest producer and supplier of natural snacks in Scandinavia. Last year the market leader in Sweden and Finland achieved a turnover of €13 million.
Parrots' products include various nuts, dried fruits and yoghurt-/chocolate-coated products.
Chips believes that the range, which is divided into Natural Snacks, Natural Food and Natural Sweets, is closely related to the traditional crisp and snack market and thus fits naturally into the Chips group's business.
In the Nordic and Baltic countries the Chips group is already the market leader on the crisp and snack market. The market for natural snack products has increased dramatically in the last few years, and interest is expected to grow further.
The Chips Group hopes that, through the acquisition, the business will be able to consolidate its position as the leading snack manufacturer in the Nordic and Baltic states. The company also believes that there is potential to expand further the range of Parrots products.
The acquired business forms part of the Chips group as of yesterday.
In 2002 the Chips Group's turnover was €268.6 million, of which €196.1 million was within the snacks market. Last year's operating profit was €29 million and earnings per share (EPS) €0.90.