Emmi AG
TypePublic company
SIX: EMMN
ISINCH0012829898
IndustryFood
Area served
Worldwide
Key people
  • Konrad Graber (Chairman)
  • Urs Riedener (Group Chief Executive Officer)
ProductsDairy and vegan dairy alternatives
Production output
11 countries (Austria, Brazil, Chile, France, Germany, Italy, Netherlands, Spain, Switzerland, Tunisia, USA)
ServicesExports from Switzerland to around 60 countries
RevenueCHF 3,706 million (2020)
CHF 188.4 million (adjusted CHF 202.6 million) (2020)
Owner53.2 % of shares held by ZMP Invest AG (cooperative of milk farmers)
Number of employees
8863 (30 June 2021)
DivisionsSwitzerland, Europe, Americas (incl. North Africa), Global Trade (exports from Switzerland)

Emmi AG is a Swiss milk processor and dairy products company headquartered in Lucerne.[1] The company employs a total of around 8,900 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.[2]

In 2003, the four processed cheese manufacturers Gerberkäse AG, Chalet Käse AG, Tigerkäse AG and Zingg AG merged to form Emmi Fondue AG,[3] which is a member of the Association of the Swiss Processed Cheese Industry(SESK).[4]

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.[5] 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.[6]

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 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.[7] In 2020, the vegan milk substitutes brand Beleaf was launched.[8] Emmi has been using Swiss oats for its Beleaf oat milk since 2021.[9] 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.[10]

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.[11] In 2023, Emmi took over the marketing of Sprinz AOP.[12]

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.[13]

Ricarda Demarmels has been CEO since January 2023.[14] She succeeded Urs Riedener, who had headed the company since March 2008.[15] He was preceded by Walter Huber (2004–2008) and Fritz Wyss (1998–2004).[16]

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.[17] As of February 2023, Emmi has subsidiaries in 13 countries.[14] In 2020, the company employed almost 8,700 people, more than two-thirds of them abroad.[18] In 2022, net sales by product group were:

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.[19]

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).[20][21]
December 2020 Emmi sells its 80% stake in Spanish Lácteos Caprinos S.A. to Lácteas García Baquero S.A.[22] 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.[23] 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.[24] approx. 115
July 2020 Acquisition of Chäs Hütte Zollikon GmbH.[25]
October 2019 Acquisition of the Italian Pasticceria Quadrifoglio.[26] 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%.[27] 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).[7] approx. 15 million EUR approx. 50
April 2019 Sale of Emmi Frisch-Service AG (CH).[28] approx. 110 million CHF approx. 160
January 2019 Purchase of additional production facility in Seymour, Wisconsin (USA).[29] approx. 50
July 2018 Increase in the stake in Emmi Ambrosi France (FRA) from 51% to 85%.[30] approx. 80 million CHF
July 2018 Increase in stake in AVH Dairy Trade B.V. (NED) from 75% to 90%.[31] approx. 35 million EUR
January 2018 Increase in stake in Centrale Laitière de Mahdia (TUN) to 54.7%.[32] approx. 140 million CHF approx. 785
January 2018 Sale of 22% stake to The Icelandic Milk and Skyr Corporation (USA).[33] approx. 50
January 2017 Acquisition of Italian Fresh Foods S.p.A. (ITA).[34] approx. 20 million EUR approx. 70
January 2017 Acquisition of Jackson-Mitchell, Inc. (USA).[35] approx. 20 million USD approx. 30
December 2016 80% stake in Lácteos Caprinos S.A. (ESP).[36] approx. 13 million EUR approx. 30
July 2016 Complete takeover of Mittelland Molkerei, Suhr (CH) (previously 60%).[37] approx. 500 million CHF approx. 350
May 2016 Increase in stake in Surlat S.A. group (CL) from 60% to 72%.[38] approx. 90 million CHF
February 2016 60% stake in Bettinehoeve (NED).[39] approx. 40 million EUR approx. 115
February 2016 Increased stake in Goat Milk Powder (NED) from 50% to 60%.[40]
January 2016 Complete takeover of Gläserne Molkerei (DEU) (previously 76%).[41] approx. 100 million EUR approx. 100
2016 Acquisition of Cowgirl Creamery Corporation (USA).[42] approx. 20 million USD approx. 95
December 2015 Acquisition of Redwood Farm & Creamery (USA).[43] approx. 22 million USD approx. 70 employees
January 2015 Acquisition of cheese business J.L. Freeman (CAD).[44] approx. 35 million CHF approx. 20 employees
December 2014 Full takeover of Emmi Fondue AG (CH) (previously 65%).[45]
December 2014 Sale of Emmi Penn Yan (USA).[46] approx. 30 million USD
October 2014 Sale of Trentinalatte (ITA).[47]
August 2014 Increase in the stake in the Gläserne Molkerei (DE) from 24% to 76%.[48]
January 2014 50% stake in Mexideli 2000 Holding SA de CV (MEX).[49] approx. USD 50 million USD approx. 250 employees
December 2013 25% stake in The Icelandic Milk and Skyr Corporation (USA).[50] approx. 17 million EUR
July 2013 Acquisition of Rachelli (ITA).[51] approx. 25 million EUR approx. 85 employees
April 2013 Acquisition of Käserei Studer AG (CH).[52] approx. 20 million CHF approx. 24 employees
March 2013 Resale of the 60% interest in Nutrifrais SA (CH) to LRG Groupe SA.[53]
January 2013 70% stake in AVH Dairy Trade (NED).[54] approx. 16.5 million EUR
October 2012 24% stake in Gläserne Molkerei (DE).[55]
August 2012 Increase of stake in Venchiaredo S.p.A. (ITA) from 10% to 26%.[56] approx. 85 employees
July 2012 Increase of stake in Diprola S.A.S. (FRA) to 63% (previously 25%, with Ambrosi Emmi France).[57] approx. 80 million EUR approx. 140 employees
July 2012 Increase in the stake in Kaiku Corporación Alimentaria (ESP) from 42.6% to 66%.[57] approx. 320 million EUR approx. 100 employees
July 2011 Acquisition of Rutz Käse AG (CH).[58] approx. 40 million CHF approx. 40 employees
June 2011 Acquisition A-27 S.p.A. (ITA).[59] approx. 65 million EUR approx. 230 employees
May 2011 Complete takeover of the Molkerei Biedermann (CH) (previously a minority interest).[58] 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).[60]
August 2010 Acquisition of Cypress Grove Chevre (USA).[61] approx. 10 million USD approx. 45 employees
August 2010 Full takeover of CASP LLC (later Emmi Penn Yan) (USA).[61] approx. 6 million USD approx. 20 employees
July 2010 Acquisition Fromalp (CH).[62] approx. 100 million CHF approx. 150 employees
January 2010 25% stake in Diprola (FRA).[57]
January 2010 10% stake in Venchiaredi S.p.A (ITA).[56]
April 2009 60% stake in Nutrifrais SA (CH) from LRG Groupe SA.[63] approx. 2 million CHF
January 2009 Acquisition of Roth Käse USA Ltd (USA).[64] approx. 90 million USD approx. 125 employees
January 2009 Increase in stake in Kaiku Corporación Alimentaria (ESP) to 42.6%.[57]
June 2008 Sale of the stake in Baer AG (CH) to Lactalis (F).[65]
January 2008 Acquisition of Walter Schmitt AG (CH).[66]
January 2008 Acquisition of Haerten & Interimex SA (BE).[66]
2007 25% stake in Ambrosi S.p.A (ITA).[21]
July 2006 Acquisition of Trentinalatte S.p.A. (ITA).[67]
January 2006 Minority stake in Kaiku Corporación Alimentaria (ESP).[68]
January 2004 Acquisition of Craamer (NED).[69]
January 2003 Takeover of former Swiss Dairy Food operations in Ostermundigen (CH).[70]
January 2003 Acquisition of Tiger Käse AG (CH).[71]
2002/2003 Takeover Gerberkäse AG (CH).[3]
June 2002 Takeover of Chäs Renz Schilling AG (CH).[72]
2001 Takeover of Zingg AG (CH).[73]
January 2001 Takeover of Burra AG (CH).[74]
2000 35% participation in Baer AG (CH).[75]

Distribution of shares

Holding shares in Emmi AG (as of the end of 2022, nominal capital):[76]

  • 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).[77]
  • 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.[78]
  • 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.[79]

See also

References

  1. ↑ "Emmi AG company profile and key developments". Business Week. Archived from the original on January 18, 2013.
  2. ↑ "Gelungener erster Handelstag von Emmi". Neue Zürcher Zeitung (in Swiss High German). 2004-12-07. ISSN 0376-6829. Retrieved 2023-06-21.
  3. 1 2 "Gerberkäse AG Signatur 146" (PDF). Retrieved 2023-06-21.
  4. ↑ "Fertigfondue verliert die «Swissness»". foodaktuell (in German). 2020-11-19. Retrieved 2023-06-21.
  5. ↑ "Neu: Original Aromat und Emmi Caffè Latte in Bio-Qualität". www.coop.ch (in Swiss High German). Retrieved 2023-06-21.
  6. ↑ Weinmann, Benjamin (2019-04-18). "Neuer Name für «Caffè Latte»: Emmi tauft seinen Verkaufsschlager um". Luzerner Zeitung (in German). Retrieved 2023-06-21.
  7. 1 2 "Emmi übernimmt Mehrheit an einem von Europas führenden Anbietern von Bio-Ziegenmilch- und -Schafmilchprodukten". Retrieved 2023-06-22.
  8. ↑ "Emmi baut veganes Sortiment aus". Schweizer Bauer (in German). 2020-03-11. Retrieved 2023-06-22.
  9. ↑ Bolzli, Michael. "Profitieren Schweizer Bauern vom Hafermilch-Trend?". Nau (in German). Retrieved 2023-06-22.
  10. ↑ "Jede siebte «Milch» ist vegan – jetzt auch aus Schweizer Bio-Hafer". bauernzeitung.ch (in Swiss High German). Retrieved 2023-06-22.
  11. ↑ Jil Schuller (2022-10-19). "Bei Denner gibt es neu Bio-Milch mit Knospe – dank Emmi". bauernzeitung.ch. Retrieved 2022-10-22.
  12. ↑ "Sbrinz: Emmi übernimmt Vermarktung". schweizerbauer.ch. 2022-11-08. Retrieved 2023-01-10.
  13. ↑ "Emmi: Ex-CEO Urs Riedener zum Präsidenten des Verwaltungsrats gewählt". Retrieved 2023-06-22.
  14. 1 2 3 "Neue CEO bei Emmi – Emmi-Chefin will auch in Milchalternativen investieren". Tages-Anzeiger (in German). 2023-03-01. Retrieved 2023-06-22.
  15. ↑ "Emmi-Chef erhält 1,488 Millionen". Schweizer Bauer (in German). 2019-03-04. Retrieved 2023-06-22.
  16. ↑ "Emmi AG, AfA2252". www.histoirerurale.ch. Retrieved 2023-06-22.
  17. ↑ Genossenschaft, Schweizer Milchproduzenten SMP. "Milchverarbeiter". Swissmilk (in German). Retrieved 2023-06-22.
  18. ↑ "Emmi mit breit abgestütztem Wachstum | Emmi Gruppe". emmi (in German). Retrieved 2023-06-22.
  19. ↑ "Riedener machte Emmi international". Schweizer Bauer (in German). 2021-09-11. Retrieved 2023-06-22.
  20. ↑ "Emmi löst sich von Parmigiano Reggiano und Grana Padano". bauernzeitung.ch (in Swiss High German). Retrieved 2023-07-05.
  21. 1 2 "Emmi verkauft Anteil an Käsespezialisten". Schweizer Bauer (in German). 2022-07-25. Retrieved 2023-07-05.
  22. ↑ "Emmi verkauft Ziegenkäsemanufaktur in Spanien | Emmi Gruppe". emmi (in German). Retrieved 2023-07-05.
  23. ↑ "Emmi strengthens dessert business with acquisition in the USA | Emmi Group". emmi. Retrieved 2023-07-05.
  24. ↑ "Bettinehoeve: Emmi hält nun 90%". Schweizer Bauer (in German). 2020-08-27. Retrieved 2023-07-05.
  25. ↑ "Höhere Dividende für Aktionäre: Emmi steigert Gewinn". Handelszeitung (in Swiss High German). Retrieved 2023-07-05.
  26. ↑ "Emmi übernimmt die italienische Pasticceria Quadrifoglio SRL | Emmi Gruppe". emmi (in German). Retrieved 2023-07-05.
  27. ↑ "Emmi erhöht Beteiligung an der brasilianischen Laticínios Porto Alegre Indústria e Comércio S.A. | Emmi Gruppe". emmi (in German). Retrieved 2023-07-05.
  28. ↑ "Emmi verkauft an Coop-Tochter". Schweizer Bauer (in German). 2019-02-01. Retrieved 2023-07-05.
  29. ↑ "Emmi acquires blue cheese plant from Great Lakes Cheese Company". dairyreporter.com. 2019-01-04. Retrieved 2023-07-05.
  30. ↑ "Annual Report 2018 - Emmi Annual Report 2018". Emmi Annual Report 2018 - Business Report. Retrieved 2023-07-05.
  31. ↑ "Emmi increases stake in Dutch company AVH". dairyreporter.com. 2018-07-03. Retrieved 2023-07-05.
  32. ↑ "BRIEF-Emmi Increases Stake In Centrale Laitiere De Mahdia". Reuters. 2018-01-10. Retrieved 2023-07-05.
  33. ↑ Kyzer, Larissa (2019-01-11). "Icelandic Milk and Skyr Corporation Sold for (At Least) ISK 40 Billion". Iceland Review. Retrieved 2023-07-05.
  34. ↑ dairyreporter.com (2017-01-18). "Emmi continues acquisitions with Italian Fresh Foods capture". dairyreporter.com. Retrieved 2023-07-05.
  35. ↑ "Emmi acquires US goat's milk group Jackson-Mitchell". Just Food. 2017-01-05. Retrieved 2023-07-05.
  36. ↑ "Emmi offloads goat's cheese producer Lácteos Caprinos". 2023-07-05. 22 December 2020.
  37. ↑ admin (2016-07-18). "Emmi takes full control of Mittelland Molkerei". Just Food. Retrieved 2023-07-05.
  38. ↑ "LUZERN: Emmi erhöht Anteil an chilenischer Surlat-Gruppe". Luzerner Zeitung (in German). 2016-05-20. Retrieved 2023-07-05.
  39. ↑ "Emmi increases stake in Bettinehoeve | Emmi Group". emmi. Retrieved 2023-07-05.
  40. ↑ "Emmi Opens New Facility For Producing Goat's Milk Powder". ESM Magazine. 2023-04-04. Retrieved 2023-07-05.
  41. ↑ "Emmi übernimmt Gläserne Molkerei zu 100 Prozent". agrarheute (in German). 2016-01-22. Retrieved 2023-07-05.
  42. ↑ "Founders of Cowgirl Creamery retire". Sonoma Index-Tribune. 2021-01-15. Retrieved 2023-07-05.
  43. ↑ "BRIEF-Emmi acquires Redwood Hill Farm & Creamery". Reuters. 2015-12-01. Retrieved 2023-07-12.
  44. ↑ "BRIEF-Emmi acquires cheese business of J.L. Freeman in Canada". Reuters. 2015-01-12. Retrieved 2023-07-12.
  45. ↑ "Emmi Acquires 34 % Stake of Bongrain in Emmi Fondue AG". .foodingredientsfirst.com/. Retrieved 2023-07-12.
  46. ↑ "Golden State Foods Acquires Emmi Penn Yan Factory | 2014-12-23 | Prepared Foods". www.preparedfoods.com. Retrieved 2023-07-12.
  47. ↑ Best, Dean (2014-10-06). "Emmi sells struggling Italian yoghurt arm Trentinalatte". Just Food. Retrieved 2023-07-12.
  48. ↑ "Emmi Sales Growth on Track, Increases Stake in Gläserne Molkerei". .foodingredientsfirst.com/. Retrieved 2023-07-12.
  49. ↑ Revill, John (2014-01-03). "Switzerland's Emmi Buys 50% Stake in Mexico's Mexideli". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-07-12.
  50. ↑ "Emmi invests in siggis | Food Business News | December 27, 2013 08:02". www.foodbusinessnews.net. Retrieved 2023-07-12.
  51. ↑ "Emmi goes for dessert with Rachelli". Dairy Industries International. Retrieved 2023-07-12.
  52. ↑ "Emmi to acquire cheese firm Käserei Studer". www.foodprocessing-technology.com. Retrieved 2023-07-12.
  53. ↑ "Emmi sells 60% stake in Nutrifrais". 28 March 2013. Retrieved 2023-07-12.
  54. ↑ "Emmi goes for goat with AVH Dairy Trade buy". Dairy Industries International. Retrieved 2023-07-12.
  55. ↑ "GERMANY: Emmi takes Gläserne Molkerei stake". Just Food. 2012-10-17. Retrieved 2023-07-12.
  56. 1 2 "Emmi to sell Italian fresh cheese specialist Venchiaredo S.p.A. | 2017-08-01 | Refrigerated Frozen Food | Refrigerated & Frozen Foods". www.refrigeratedfrozenfood.com. Retrieved 2023-07-12.
  57. 1 2 3 4 "Emmi Increases Stakes in Kaiku and Diprola". .foodingredientsfirst.com/. Retrieved 2023-07-12.
  58. 1 2 Enz, Kaspar (2011-07-06). "Emmi schluckt Rutz Käse". St. Galler Tagblatt (in German). Retrieved 2023-07-12.
  59. ↑ "Emmi to buy dessert maker Italian Fresh Foods". Just Food. 2017-01-18. Retrieved 2023-07-12.
  60. ↑ Tschopp, Simon (2018-07-05). "Frenkendorf - Nicht alles nur Käse: Regio Molkerei beider Basel hat den Turnaround geschafft". bz Basel (in German). Retrieved 2023-07-12.
  61. 1 2 "US: Emmi eyes US growth with Cypress Grove Chèvre buy". Just Food. 2010-08-20. Retrieved 2023-07-12.
  62. ↑ "Emmi to buy Fromalp in international cheese push". dairyreporter.com. 2010-04-13. Retrieved 2023-07-12.
  63. ↑ "Emmi acquires majority share of Nutrifrais". foodnavigator.com. Retrieved 2023-07-20.
  64. ↑ "Emmi acquires Roth Käse USA | Dairy Foods". www.dairyfoods.com. Retrieved 2023-07-20.
  65. ↑ "Baer wird von Lactalis übernommen – Emmi verkauft 35%-Anteil an Franzosen". Neue Zürcher Zeitung (in Swiss High German). 2008-06-03. ISSN 0376-6829. Retrieved 2023-07-20.
  66. 1 2 "Emmi International Performance Below Expectations". .foodingredientsfirst.com/. Retrieved 2023-07-20.
  67. ↑ "Emmi buys up Italian yoghurt group". dairyreporter.com. 2006-06-29. Retrieved 2023-07-20.
  68. ↑ "Emmi subsidiary increases stake in Tunisian dairy company". www.ingredientsnetwork.com. Retrieved 2023-07-20.
  69. ↑ "Emmi on target in the first half year thanks to innovations". presseportal.ch. 14 September 2004. Retrieved 2023-07-20.
  70. ↑ "Emmi takes over Ostermundigen". dairyreporter.com. Retrieved 2023-07-20.
  71. ↑ "Emmi tames the Tiger". foodnavigator.com. Retrieved 2023-07-20.
  72. ↑ "Emmi übernimmt Chäs Renz". Retrieved 2023-07-20.
  73. ↑ "Emmi legt Gerberkäse, Tiger Käse und Zingg zusammen". www.news.ch (in German). Retrieved 2023-07-20.
  74. ↑ "Emmi kauft Burra". SWI swissinfo.ch (in German). 2001-01-04. Retrieved 2023-07-20.
  75. ↑ "Stephan Baer: Der Käser als Krisenmanager". Handelszeitung (in Swiss High German). Retrieved 2023-07-20.
  76. ↑ "Anhang der Jahresrechnung - Geschäftsbericht 2022". Emmi - Annual Report 2022 (in German). Retrieved 2023-07-26.
  77. ↑ "Verkäsungszulage - 33 Käser erhalten mehr als 1 Mio. Fr". www.schweizerbauer.ch (in German). 2013-09-14. Retrieved 2023-07-26.
  78. ↑ "Veredelungsverkehr: Emmi macht aus Importbutter Schmelzkäse für den Export". bauernzeitung.ch (in Swiss High German). Retrieved 2023-07-26.
  79. ↑ "Lebensmittel-Ampel - «Grüne» Bewertung trotz viel Zucker". Schweizer Radio und Fernsehen (SRF) (in German). 2021-07-15. Retrieved 2023-07-26.
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