WILMINGTON, Delaware (News release) -- Solenis, a leading global producer of specialty chemicals for water-intensive industries, has acquired 100 percent of Lilleborg shares from Orkla, on June 12, 2024.
Headquartered in Oslo, Norway, Lilleborg supplies professional cleaning solutions and is one of the leading companies in the Norwegian commercial market. Lilleborg has been a long-term partner with Diversey, a Solenis Company, driving value through deep, targeted expertise and customer insights with proven innovation and sustainable methods and products. The acquisition allows Diversey to expand into the Norwegian water treatment market with a direct channel, offering food and beverage customers an expanded portfolio of solutions.
Commenting on the acquisition, John Panichella, CEO, Solenis, said, "We've had a great partnership with Lilleborg for many years, working with our institutional and food and beverage business, so we're extremely excited to welcome the Lilleborg team to the Solenis family. Lilleborg's highly competent, motivated, and well-trusted sales, marketing and R&D teams will allow for significant opportunity to cross-sell water treatment when combined with Solenis' expertise."
"This transaction is a milestone in Orkla's new strategy after becoming an industrial investment company. By reducing the number of portfolio companies and simplifying our structure, we pave the way for a more targeted and disciplined capital allocation in the portfolio. We are proud of the 190+ years of Lilleborg history, both before and during Orkla ownership - having built a strong and trusted company brand and a position as Norway's market leader within its industry", says President & CEO of Orkla, Nils K. Selte.
"Lilleborg has historically delivered solid financial results and showed resilience even in challenging market conditions, thanks to high-quality products and brands, and a competent, passionate organization. Given the longstanding collaboration with Diversey in the Norwegian market, we firmly believe that Solenis is the ideal new home for Lilleborg. We are confident that they will continue to foster the growth and success of Lilleborg in the future. Finally, we would like to thank CEO Silje Ebbell Tøge and the rest of the Lilleborg team for the dedication and hard work over decades and wish them all the best in their future endeavours", says Maria Syse-Nybraaten, EVP and Investment Executive in Orkla.
