NORWAY: Rieber & Søn sells fried onion unit to Top Taste
Rieber said it will book a loss from the sale of around EUR22m in its fourth quarter
Norwegian food group Rieber & Søn has sold its "under-performing" crispy fried onions business in the Netherlands to local firm Top Taste Holding.
Rieber said today (4 December) the move comes on the back of the completion of a strategic review of its portfolio. The firm said it decided the crispy fried onions business "does not fit" into its strategy of being a brand-focused company given that only a small portion of its products are branded.
Financial details of the transaction were not disclosed. Rieber said it will book a loss from the sale of around EUR22m (US$28.8m) in its fourth quarter 2012 accounts.
In October, Rieber booked a drop in third-quarter profits, hit by one-off costs. Earlier that month, the company had agreed a deal for Norwegian conglomerate Orkla to buy a 90.1% stake in the company, valuing Rieber at NOK6.1bn (US$1.03bn), on a debt-free basis.
The year 2012 witnessed a moderate current value growth of food. Even with this growth, the dynamics was under the potential, a consequence of the high rates in the previous years of the review period...
Orkla Foods Romania based its expansion on the Romanian market on important acquisitions of main domestic players, which represented the source for entry on the Romanian market, divesting in other unr...
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