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Orkla completes acquisition of LG Harris

LG Harris 'never buy another' 725 x 500

Orkla's purchase of L.G. Harris & Co. Limited ("Harris") has now been completed. Harris is a leading supplier of Do-It-Yourself painting tools in the UK, and with this acquisition Orkla House Care has doubled the size of its operations.

The agreement to purchase Harris was announced in May this year. The assessment of the agreement under competition law was concluded at the end of July, and the transaction was completed on 31 August 2016.

"We are very pleased that our acquisition of Harris has now been completed. Orkla House Care is significantly strengthening its presence in the UK and expanding its portfolio in the Do-It-Yourself (DIY) market," says Johs Høeg, CEO of Orkla House Care.

Harris is a market leader for painting tools in the DIY market in the UK, with well-known brands such as Harris, Lynwood, Harris Victory and T-Class. The bulk of the company's sales are made in the UK market, but it also has some export business.

Orkla House Care owns the Jordan, Anza, Spekter and Hamilton brands. Orkla House Care is a leading supplier of painting tools in the Nordic region and in the UK professional market, and is one of Europe's largest painting tool manufacturers.

"Orkla House Care and Harris are a good fit. With well-established brands and solid customer relations, Harris holds a leading position in the DIY market, while Orkla House Care is strong in the professional market in the UK. With a stronger foothold in the UK, the companies are well positioned for further growth," says Johs Høeg.

Harris owns two factories, one of which is located in Stoke Prior, Bromsgrove, outside Birmingham (UK), and the other in Zhaoqing City in Guangdong Province (China). In total, Harris has almost 1,000 employees. The company's head office is in Bromsgrove.

Harris also owns 50% of a joint venture with a local partner in India, serving the Indian market. Furthermore, the company has a minority shareholding in a painting tool manufacturer in Sri Lanka.

Harris uses split financial year running from July to June for their accounts. For the latest 12 months per June 2016, Harris achieved total sales revenues of GBP 63.5 million (approx. NOK 694 million) and EBITDA of GBP 5.9 million (approx. NOK 64 million) (unaudited figures). The company will be consolidated into Orkla's statement of financial position as from 31 August, and into Orkla's income statement as from 1 September 2016.

Orkla is a leading supplier of branded consumer goods and concept solutions for the consumer, out-of-home and bakery markets in the Nordic and Baltic regions and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and its head office is in Oslo, Norway. In 2015, the Group had a total turnover of approximately NOK 33 billion, and 14,670 employees at year end.

Source : Orkla Press Release

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02 September 2016

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