The unaudited consolidated 12-month turnover of Tere AS and Farmi Piimatööstuse AS for 2018 was 108 million euros, representing annual growth of 2.5 million euros or 2.3%. Export turnover reached 21 million euros, a rise of 16.8% on the year before.
Tere AS after a break of some years will restart the export of skimmed milk powder to Japan, the first shipment will be sent out to the Japanese large corporation Marubeni in October.
From 15 September, Katre Kõvask, one of the most respected top-level managers and former Chairman of the Supervisory Board of Tere, will become Chairman of the Management Board of Tere AS and AS Farmi Piimatööstus, which merged in July with the approval of the Estonian Competition Authority. She will manage both of these companies with Valdis Noppel, the former CEO of Farmi Piimatööstus. Valdis Noppel and Katre Kõvask will be the members of the Management Board of both Tere and Farmi.
The Court decided today to reject the plan for the reorganisation of Tere AS, but Tere will definitely appeal the first instance ruling.
The Estonian Competition Authority satisfied the application of AS Maag Grupp on the merger of AS Tere with AS Farmi Piimatööstus. During the first stage of concentration, Tere will continue to operate as a subsidiary of Farmi Piimatööstus. The trademarks of both companies will be retained; the long-term strategy of the concentrated companies will be drafted in the course of the implementation of the reorganisation plan.