Nordic Business Report-November 8, 2006-Arla Foods acquires 30% of Finnish dairy Ingman Foods (C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com The Danish-Swedish dairy group Arla Foods said on Wednesday (8 November) that it acquires 30% of the shares in Finnish dairy company Ingman Foods Oy Ab, with the option to buy the remaining 70%. The move represents a long-term involvement in Finnish milk production and is part of the groups ongoing development of the Nordic dairy market, according to the company. As a result Arlas current company in Finland, Oy Arla Foods Ab, will form a new joint company, Arla Ingman Oy Ab, with Ingman Foods Oy Ab. Arla Ingman Oy Ab will have a turnover of EUR300m and employ around 500 people. The Ingman Ice Cream business is not included in the deal, Arla added. The value of the deal was not disclosed. The Arla Foods Group is a co-operative owned by some 10,600 milk producers in Denmark and Sweden and is Europes second largest dairy company. In the 2004/05 financial year the group had a turnover of some DKK46bn and received 8.4 billion kg of milk One British pound (GBP) is worth approximately 1.48 euros (EUR). One British pound (GBP) is worth approximately 11.03 Danish kroner (DKK). ((Comments on this story may be sent to [email protected]))