Sigurður Kjartan Hilmarsson, the founder of The Icelandic Milk and Skyr Company, has struck a deal to sell his and his friend’s 75% share in the company to French multinational dairy product company Lactalis. This is reported by Vísir.is
The products manufactured by The Icelandic Milk and Skyr Company is sold in 25 thousand stores in all 50 states of the US and has about 2% of the US yoghurt market share. The Swiss dairy product company Emmi, who owned about 22% share in Siggi’s Skyr, also sold their share to Lactalis.
Lactalis is one of the biggest dairy product companies in the world. They sell their products to 85 countries, and about 75 thousand people work for them. It is estimated that the company’s yearly turnover is about 2000 milliard ISK. Last year’s turnover for The Icelandic Milk and Skyr Company is believed to have been about 200 million dollars.
It is estimated that Lactalis bought the company for about 300 million dollars.