Emmi, a Swiss milk processor located in Lucerne, Switzerland, signed a purchase agreement for Rutz Käse, a Swiss company specializing in the production and pre-packaging of Swiss cheese.
The agreement will be implemented subject to approval from the Swiss Federal Competition Commission.
The acquisition is said to be a part of Emmi's strategy to strengthen its position as the leading cheese supplier in Switzerland and as an exporter of Swiss cheese. The purchase agreement also enables it to export Rutz Käse's Appenzeller brand cheese as well as add more cheese brands to its product portfolio.
Rutz Käse expects sales of $47.58 million in 2011, of which around 60% would be from Switzerland and 40% from its international markets.
Emmi will continue to operate Rutz Käse's facilities in Wittenbach, Gossau and Koppigen, and will finance the acquisition using existing funds and credit lines.