FRANCE: Cecab in frozen veg sale talks with PinguinLutosa
Cecab to sell frozen veg unit
Brittany food co-op Cecab is in exclusive talks with Belgian group PinguinLutosa over the sale of its subsidiary, Aucy Frozen Foods.
As part of the deal, which is expected to be completed by the end of 2010 and take effect from January 2011, Cecab would take a minority stake in PinguinLutosa.
Aucy Frozen Foods employs 750 staff and operated eight production sites. Sales reached 145,000 tonnes in 2009.
For its part, PinguinLutosa has a workforce of over 1,700 staff and eight plants in Europe, producing 260,000 tonnes of frozen vegetables and 360,000 tonnes of frozen chips.
Belgium-based frozen-food group PinguinLutosa has recorded a 9% rise in third-quarter revenue as sales growth accelerated from the first half of the year....
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