GLOBAL: PinguinLutosa boss pragmatic about Lutosa sale
By Dean Best | 5 November 2012
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McCain has moved to buy fellow chip processor Lutosa |
PinguinLutosa COO Herwig Dejonghe has admitted he did not see why the company had to sell potato business Lutosa to McCain Foods - but has expressed confidence about the European food group's future.
The Belgium-based firm agreed to offload Lutosa, which manufacturers french fries to potato croquettes, to McCain last month. The deal valued Lutosa at EUR225m (US$287.7m). The then Pinguin snapped up Lutosa for EUR175m in 2007.
Speaking to just-food, Dejonghe said speculation about Lutosa's position in the company's portfolio could have prompted offers for the business and he said he "regretted" the sale of the unit.
However, he praised McCain, which said would "respect" the Lutosa brand. He also said PinguinLutosa - which, he noted, will be renamed - had a "brilliant future" ahead.
Click here for just-food's interview with Dejonghe.
Sectors: Canned food, Frozen, Mergers & acquisitions, Private label
Companies: PinguinLutosa, McCain Foods, Pinguin
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