Raisio sells plant protein business and Härkis brand to Valio

Raisio plc has announced the sale of its plant protein business, including the Härkis and Beanit brands, to Finnish dairy and food company Valio for €7 million (approximately US$7.6 million). The deal, which includes the transfer of production equipment at the Kauhava factory, will be finalized in March 2025. The transaction marks a strategic move for both companies, as Raisio refocuses its priorities while Valio strengthens its position in the plant-based food sector.

The agreement encompasses the sale of the entire plant protein business, related fixed assets, and intellectual property. Sixteen employees from Raisio’s plant protein unit will transfer to Valio under the terms of the deal. While Raisio had leased the Kauhava factory property, it will now sublease the premises to Valio for continued operations.

The plant protein business has faced financial challenges, with net sales declining from €5.5 million (approximately US$5.95 million) in 2023 to €4.5 million (approximately US$4.86 million) in 2024. Moreover, the segment recorded negative EBIT in both years, with losses of -€3.2 million (approximately -US$3.46 million) in 2023 and -€2.6 million (approximately -US$2.81 million) in 2024. Despite these figures, Raisio does not anticipate a significant impact on its 2025 EBIT following the divestment.

Raisio CEO Pasi Flinkman reaffirmed the company’s commitment to plant-based food innovation despite the sale. "Promoting the food transition with plant-based food and innovating new things will continue to be key parts of Raisio’s strategy and operations, even though we have now decided to divest this business. We are currently in the final stages of our strategy process and will present our future strategy in March and in more detail at our Capital Markets Day planned for the first half of 2025," he said.

For Valio, this acquisition aligns with its long-term vision of evolving from a dairy company into a broader food company that incorporates plant-based and cellular agriculture innovations. Tuomas Salusjärvi, Executive Vice President at Valio, emphasized the growing demand for diverse food sources to meet global needs.

"The food system of the future will include plant-based and animal-based food, as well as food produced by cellular agriculture. All of these are needed to provide enough food for a globally growing population. This is the foundation of Valio’s strategy, which sees us growing from a dairy company into a food company. This business acquisition is one step on our path of growth. A strong and innovative product selection has been Valio’s foundation for 120 years. In addition to milk-based products, we as a food company are now also investing in growth in foods based on other raw materials," Salusjärvi said.

Raisio originally acquired Verso Food Oy, along with the Härkis and Beanit brands, in 2021 to reinforce its plant-based strategy. However, with shifting priorities, the company has chosen to exit this segment while still maintaining a commitment to sustainable food innovation.

The deal represents a significant step for Valio, which is actively diversifying beyond dairy in response to changing consumer preferences. With the acquisition of these well-established plant-based brands, Valio positions itself as a key player in Finland’s evolving food landscape.