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Altia considers stock exchange launch
State-owned Finnish drinks group Altia is considering an initial public offering (IPO) and is set to make a decision by the middle of next year.
Altia’s Koskenkorva distillery
The Ownership Steering Department of the State of Finland is “investigating the possibility” of floating Altia on stock exchange Nasdaq Helsinki.
Altia, which is 100% owned by the State of Finland, has premises in seven countries and exports to about 30 markets.
The company produces the Koskenkorva vodka, O.P. Anderson aquavit and Renault Cognac brands, among others, and imports brands such as Jack Daniel’s Tennessee whiskey and Nederburg wines.
In 2016, the group, which employs about 800 people, reported net sales of €356.6 million (US$418m).
“Altia’s potential listing would entail an even wider scope of openness and highlight our strong sustainability work,” commented Pekka Tennilä, CEO of Altia.
“Regardless of potential ownership arrangements, we will continue to renew our business, to develop Nordic quality brands and to launch new and interesting product innovations.”
In May this year, Altia opened a new distillery in Sundsvall, Sweden, called O.P. Anderson Distillery, moving all of its aquavit production to the site.
The group’s head office is based in Helsinki, while it also owns a distillery in the Finnish village of Koskenkorva, bottling plants in Finland’s Rajamäki village and the Tabasalu municipality in Estonia and a Cognac house and ageing cellars in France.