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Swedish Meats to create Nordic butcher giant

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12:37 CET+01:00
Swedish Meats and Finnish meat company HK Ruokatalo are to merge their operations to create a company with a total turnover of 20 billion kronor.

The new company, provisionally called HK Scan, will have operations in eight countries and a workforce of 10,200.

The Swedish operation is to change its name to Scan AB. Sweden will be the largest market for the new company, accounting for around half of sales.

Swedish Meats, which is owned by farmers, has been going through a persiod of turbulence. The company has slashed the number of employees by 2,000 people in the past six years. Last month it announced that 400 people would lose their jobs at plants in southern Sweden.

Swedish Meats' managing director Magnus Lagergren said that the redundancies would not be reversed following Friday's news.

"But our future looks much brighter. This deal aims to create growth," he said.

Swedish Meats will be the second largest shareholder in HK Scan, owning 12.3 percent of the capital. Finnish LSO Osuuskunta will own 33.3 percent of the capital and Danish Crown 8.9 percent.

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