The USD 8.8 billion branded consumer goods, speciality materials and financial investments Norwegian company Orkla has reportedly bought out MTR Foods at a price of USD 100 million.

Orkla has a presence in bakery, seafood, pizzas, pies, taste enhancers, and snacks and markets these products through grocery chains. MTR Foods invited equity participation from Singapore-based Aquarius and US-based JP Morgan Partners. Orkla looks to leverage distribution network of MTR and also outsource manufacturing to cut costs.