Oatly Group AB OTLY shares are trading higher after the company announced a long-term strategic hybrid partnership with Ya YA Foods, in which the company will receive roughly $72 million.
As part of the agreement, Ya YA Foods will acquire a majority of the assets used in the operation and assume the property lease at Oatly’s production facility in Ogden.
Under the terms, Oatly will retain full ownership and operation of proprietary oat base production lines in each facility and will receive approximately $72 million, plus an additional credit amount towards future use of shared assets related to the Ogden facility.
“We are excited to partner with Ya YA Foods, a leading food and beverage manufacturer who brings deep production expertise and shares our commitment to meeting the highest quality product and safety standards,”Toni Petersson, Oatly’s CEO, commented.
Oatly Group AB is engaged in the food and drinks industry.
OTLY Price Action: Oatly has a 52-week high of $1.28 and a 52-week low of $8.44.
The stock closed up 15.5% at $2.01 per share On Tuesday, according to Benzinga Pro.
Image and article originally from www.benzinga.com. Read the original article here.