CANADA/BELGIUM: McCain to buy PinguinLutosa potato unit
The deal, announced today (19 October), is based on an enterprise value of the division of EUR225m (US$293.2m).
It encompasses Lutosa's operations in production, marketing and distribution of frozen, chilled and dehydrated potato products, as well as the Lutosa brand.
"This acquisition is in line with our strategy of reinforcing our core potato business in Europe," Jean Bernou, McCain's CEO for Continental Europe said. "The products and brand positioning of Lutosa will help us to further expand our product offering and cater to a wider customers while ensuring continuity in terms of investments and optimal service quality."
PinguinLutosa CEO Hein Deprez said the sale gives the company an opportunity to focus on its core fruit and vegetable business.
PinguinLutosa has reported a strong rise in sales for the first nine months of its fiscal year, benefiting from the knock-on effect of acquisitions and higher volumes....
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