# Emmi AG

Emmi AG is a Swiss milk processor and dairy products company headquartered in Lucerne. The company employs a total of 12,000+ people in Europe (including Switzerland), North America (USA and Mexico), South America (Brazil and Chile) and North Africa (Tunisia). Emmi AG is listed on the SWX Swiss Exchange. The company generates about 42.5 percent of its sales locally and the other 57.5 percent abroad. Numerous production companies in Switzerland belong to the Emmi Group. Outside of Switzerland, Emmi has production facilities, in Chile, Germany, Italy, the Netherlands, Austria, Spain, Tunisia, Brazil, Canada and the USA. Emmi is one of the 500 largest companies in Switzerland.

## History

In 1907, 62 cooperatives founded the Central Switzerland Milk Association in Lucerne (MVL). In 1947 they produced soft cheese and yoghurt for the first time in Emmen under the brand name Emmi, which was derived from the name of the town. In 1993, the MVL founded Emmi AG in order to separate commercial activities from association activities. Since December 2004, Emmi has been listed on the SIX Swiss Exchange in the Swiss equities segment.
In 2003, the four processed cheese manufacturers Gerberkäse AG, Chalet Käse AG, Tigerkäse AG and Zingg AG merged to form Emmi Fondue AG, which is a member of the Association of the Swiss Processed Cheese Industry(SESK).
In March 2004, Caffè Latte was added to the Emmi product range. The mixed drink made from milk and coffee is Emmi's most successful branded product. Since March 2018, Coop also offers a version in Bio Suisse quality. In April 2019, it was announced that the name Caffè Latte would be replaced by Emmi Republic of Blends for some markets, as the previous name was also used by the competition. With a market share of 17.2%, Emmi is the market leader in Western Europe for cold coffees.
In 2010, Emmi entered the business of goat milk by taking over the Le Petit Chevrier brand in Switzerland. Since then, a number of other acquisitions have been made, including Meyenberg Goat Milk and in the sheep milk sector. In 2019, the Austrian company Leeb, which through the Hale company also sells organic vegan milk substitutes under the MyLove-MyLife brand, was taken over. In 2020, the vegan milk substitutes brand Beleaf was launched. Emmi has been using Swiss oats for its Beleaf oat milk since 2021. While this means the Beleaf oat milks are of IP-Suisse quality, the Coop owned-brand Karma oat milk has been produced from Swiss organic oats since 2023 and is of Bio Suisse quality. Yoghurt brand Onken was sold from Dr Oetker to Emmi.
In March 2022, following the Russian invasion of Ukraine, Emmi said it had ceased doing business with Russia. In October 2022, Denner added Emmi's Knospe organic milk to its range. In 2023, Emmi took over the marketing of Sprinz AOP.

## Presidents and CEOs

From 1993 to 2003, Franz Jung, President of MVL, was President of the Board of Directors. From 2004 to 2009 Fritz Wyss held this position. At the Annual General Meeting on May 20, 2009, Konrad Graber was elected the new Chairman of the Board of Directors of Emmi AG. In 2023 the former CEO Urs Riedener was elected as President of the Board of Directors.
Ricarda Demarmels has been CEO since January 2023. She succeeded Urs Riedener, who had headed the company since March 2008. He was preceded by Walter Huber (2004–2008) and Fritz Wyss (1998–2004).

## Facts and Figures

With the collapse of Swiss Dairy Food (SDF) in mid-2002, Emmi became the leading food group in the Swiss dairy industry, followed by Cremo, Hochdorf, Estavayer Lait and Züger Frischkäse. As of February 2023, Emmi had subsidiaries in 13 countries. In 2020, the company employed almost 8,700 people, more than two-thirds of them abroad. In 2022, net sales by product group were:
* 30.3% cheese
* 27.7% dairy products
* 26.3% fresh produce
* 5.8% cream cheese
* 4.4% powder/concentrates
* 1.5% plant-based products
* 4% other products/services
In 2008, the foreign share of sales, with exports from Switzerland and products manufactured by foreign subsidiaries, was 23 percent and increased to 57 percent by 2021. In contrast, sales in Switzerland have fallen by around a fifth since 2008. Since the IPO in 2004, the share price has increased from 100 to over 1,000 francs.

## Company acquisitions and sales

| Date | Company | Revenue (At the time of acquisition) | Number of employees |
| 2022 | Emmi sells, subject to the approval of the responsible competition authorities, their 25% stake in Ambrosi S.p.A. (ITA) to Lactalis (F). | | |
| December 2020 | Emmi sells its 80% stake in Spanish Lácteos Caprinos S.A. to Lácteas García Baquero S.A. | approx. 10 million EUR | approx. 50 |
| October 2020 | Emmi takes over 87.7% of the shares in the US American Indulge Desserts Intermediate Holdings, LLC. Since the closing, this has been trading under Emmi Dessert USA | approx. 80-90 million USD | approx. 350 |
| August 2020 | Increase in stake in Bettinehoeve (NED) from 60% to 90%. The increase in stake in Bettinehoeve also affects Emmi's stake in Goat Milk Powder (GMP), the joint venture between Bettinehoeve and AVH dairy, another Dutch subsidiary of Emmi. Emmi now holds 80.9% of the shares in GMP. | | approx. 115 |
| July 2020 | Acquisition of Chäs Hütte Zollikon GmbH. | | |
| October 2019 | Acquisition of the Italian Pasticceria Quadrifoglio. | approx. 19 million EUR | approx. 90 |
| October 2019 | Increase in stake in Brazilian Laticínios Porto Alegre Indústria e Comércio S.A. from 40% to 70%. | approx. 630 million BRL (160 million CHF) | approx. 1250 |
| October 2019 | Acquisition of a 66% stake in Leeb Biomilch GmbH based in Wartberg an der Krems (AUT). | approx. 15 million EUR | approx. 50 |
| April 2019 | Sale of Emmi Frisch-Service AG (CH). | approx. 110 million CHF | approx. 160 |
| January 2019 | Purchase of additional production facility in Seymour, Wisconsin (USA). | | approx. 50 |
| July 2018 | Increase in the stake in Emmi Ambrosi France (FRA) from 51% to 85%. | approx. 80 million CHF | |
| July 2018 | Increase in stake in AVH Dairy Trade B.V. (NED) from 75% to 90%. | approx. 35 million EUR | |
| January 2018 | Increase in stake in Centrale Laitière de Mahdia (TUN) to 54.7%. | approx. 140 million CHF | approx. 785 |
| January 2018 | Sale of 22% stake to The Icelandic Milk and Skyr Corporation (USA). | | approx. 50 |
| January 2017 | Acquisition of Italian Fresh Foods S.p.A. (ITA). | approx. 20 million EUR | approx. 70 |
| January 2017 | Acquisition of Jackson-Mitchell, Inc. (USA). | approx. 20 million USD | approx. 30 |
| December 2016 | 80% stake in Lácteos Caprinos S.A. (ESP). | approx. 13 million EUR | approx. 30 |
| July 2016 | Complete takeover of Mittelland Molkerei, Suhr (CH) (previously 60%). | approx. 500 million CHF | approx. 350 |
| May 2016 | Increase in stake in Surlat S.A. group (CL) from 60% to 72%. | approx. 90 million CHF | |
| February 2016 | 60% stake in Bettinehoeve (NED). | approx. 40 million EUR | approx. 115 |
| February 2016 | Increased stake in Goat Milk Powder (NED) from 50% to 60%. | | |
| January 2016 | Complete takeover of Gläserne Molkerei (DEU) (previously 76%). | approx. 100 million EUR | approx. 100 |
| 2016 | Acquisition of Cowgirl Creamery Corporation (USA). | approx. 20 million USD | approx. 95 |
| December 2015 | Acquisition of Redwood Farm & Creamery (USA). | approx. 22 million USD | approx. 70 employees |
| January 2015 | Acquisition of cheese business J.L. Freeman (CAD). | approx. 35 million CHF | approx. 20 employees |
| December 2014 | Full takeover of Emmi Fondue AG (CH) (previously 65%). | | |
| December 2014 | Sale of Emmi Penn Yan (USA). | approx. 30 million USD | |
| October 2014 | Sale of Trentinalatte (ITA). | | |
| August 2014 | Increase in the stake in the Gläserne Molkerei (DE) from 24% to 76%. | | |
| January 2014 | 50% stake in Mexideli 2000 Holding SA de CV (MEX). | approx. USD 50 million USD | approx. 250 employees |
| December 2013 | 25% stake in The Icelandic Milk and Skyr Corporation (USA). | approx. 17 million EUR | |
| July 2013 | Acquisition of Rachelli (ITA). | approx. 25 million EUR | approx. 85 employees |
| April 2013 | Acquisition of Käserei Studer AG (CH). | approx. 20 million CHF | approx. 24 employees |
| March 2013 | Resale of the 60% interest in Nutrifrais SA (CH) to LRG Groupe SA. | | |
| January 2013 | 70% stake in AVH Dairy Trade (NED). | approx. 16.5 million EUR | |
| October 2012 | 24% stake in Gläserne Molkerei (DE). | | |
| August 2012 | Increase of stake in Venchiaredo S.p.A. (ITA) from 10% to 26%. | | approx. 85 employees |
| July 2012 | Increase of stake in Diprola S.A.S. (FRA) to 63% (previously 25%, with Ambrosi Emmi France). | approx. 80 million EUR | approx. 140 employees |
| July 2012 | Increase in the stake in Kaiku Corporación Alimentaria (ESP) from 42.6% to 66%. | approx. 320 million EUR | approx. 100 employees |
| July 2011 | Acquisition of Rutz Käse AG (CH). | approx. 40 million CHF | approx. 40 employees |
| June 2011 | Acquisition A-27 S.p.A. (ITA). | approx. 65 million EUR | approx. 230 employees |
| May 2011 | Complete takeover of the Molkerei Biedermann (CH) (previously a minority interest). | | approx. 110 employees |
| September 2010 | Purchase of the property, building and production facilities of the former Regio Milch beider Basel AG (CH) (together with the Milchverband der Nordwestschweiz). | | |
| August 2010 | Acquisition of Cypress Grove Chevre (USA). | approx. 10 million USD | approx. 45 employees |
| August 2010 | Full takeover of CASP LLC (later Emmi Penn Yan) (USA). | approx. 6 million USD | approx. 20 employees |
| July 2010 | Acquisition Fromalp (CH). | approx. 100 million CHF | approx. 150 employees |
| January 2010 | 25% stake in Diprola (FRA). | | |
| January 2010 | 10% stake in Venchiaredi S.p.A (ITA). | | |
| April 2009 | 60% stake in Nutrifrais SA (CH) from LRG Groupe SA. | approx. 2 million CHF | |
| January 2009 | Acquisition of Roth Käse USA Ltd (USA). | approx. 90 million USD | approx. 125 employees |
| January 2009 | Increase in stake in Kaiku Corporación Alimentaria (ESP) to 42.6%. | | |
| June 2008 | Sale of the stake in Baer AG (CH) to Lactalis (F). | | |
| January 2008 | Acquisition of Walter Schmitt AG (CH). | | |
| January 2008 | Acquisition of Haerten & Interimex SA (BE). | | |
| 2007 | 25% stake in Ambrosi S.p.A (ITA). | | |
| July 2006 | Acquisition of Trentinalatte S.p.A. (ITA). | | |
| January 2006 | Minority stake in Kaiku Corporación Alimentaria (ESP). | | |
| January 2004 | Acquisition of Craamer (NED). | | |
| January 2003 | Takeover of former Swiss Dairy Food operations in Ostermundigen (CH). | | |
| January 2003 | Acquisition of Tiger Käse AG (CH). | | |
| 2002/2003 | Takeover Gerberkäse AG (CH). | | |
| June 2002 | Takeover of Chäs Renz Schilling AG (CH). | | |
| 2001 | Takeover of Zingg AG (CH). | | |
| January 2001 | Takeover of Burra AG (CH). | | |
| 2000 | 35% participation in Baer AG (CH). | | |

## Distribution of shares

Holding shares in Emmi AG (as of the end of 2022, nominal capital):
* ZMP Invest AG 53,2%
* Zentralschweizer Käsermeister Genossenschaft 4,0%
* MIBA Genossenschaft 3,3%
* Other 39,5%

## Miscellaneous

* In 2012, Emmi received more than 43 million francs from the federal treasury solely for the Verkäsungszulage (Cheesemaking bonus).
* Emmi is heavily involved in the processing trade. For example, in 2020 Emmi imported more than 100 tonnes of butter in order to then process it and export it again as cheese spread.
* The use of the Nutri-Score for Emmi Caffe Latte products led to criticism, as these were awarded a green B despite their high sugar content. The BLV is searching for a solution.