Findus has snapped up Nestles frozen ready meals business in Spain

Findus has snapped up Nestle's frozen ready meals business in Spain

Findus Group has said its planned acquisition of Nestle's Spanish frozen ready meals unit, La Cocinera, will double the size of its business in the country.

Nestle announced the sale earlier today (8 January) for an undisclosed sum.

The deal includes the frozen ready meal business based at the Valladolid factory and La Cocinera brand in Spain, which has a retail turnover of some EUR65m (US$77m).

Findus said the transaction remains subject to local competition approval but added: "The potential acquisition would double the scale of Findus Group’s operations in Spain."

The La Cocinera brand produces croquettes, pies, lasagne and cannelloni.

Nestle said the move was in line with its "ongoing portfolio review". The food giant has sold a raft of assets in recent quarters, including last month an ice cream business in Mexico.