The launch of the Euro on January 1, 2002 in 11 European countries is not expected to have an impact on Arla Foods.
“Since the first phase of the Euro project, the single market, in 1989, Arla Foods has been making continual adjustments to adapt to the ongoing changes,” says Mogens Møller, Arla Foods’ Finance Director. “These measures include structural development and industry consolidation. So the euro’s arrival on January 1 does not affect our operations a great deal.”
Approx. 50% of Arla Foods’ exports are invoiced in euros with approx 33% in dollars and the remaining 17% in sterling. Half of Arla Foods’ exports, therefore, continue to be in currencies with fluctuating exchange rates.
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