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Norway's Orkla acquires porridge brand Pama from PepsiCo

Norwegian conglomerate Orkla ASA unit Orkla Foods Danmark A/S acquired porridge rice brand Pama from U.S. snacks giant PepsiCo Inc.

The financial terms of the deal were not disclosed, but Orkla said the deal includes the transfer of Pama's trademark, according to a Jan. 11 news release.

There will be no transfer of employees or production facilities under the deal, Orkla said.

Orkla Foods Danmark holds distribution rights to Pama products on behalf of PepsiCo in Denmark.

PepsiCo acquired the brand when it bought Quaker Oats Co. Inc. in 2001.

The investment follows Orkla Foods Danmark's recent purchase of bakery products maker Easyfood A/S for 330 million Danish kroner.

As of Jan. 11, US$1 was equivalent to 6.51 Danish kroner.