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...
Both volume and current value growth in 2012 is the result of the fact that honey and jam are traditional products and, whilst honey is perceived as a healthy product, with positive benefits on the ge...
Orkla is a regional specialist in that its presence is limited to Scandinavia and Eastern Europe. It pursues a multi-local strategy for brand building. Orkla has shifted its focus to branded packaged ...
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...
- SIAL 2014: Greek yoghurt firm Fage targets Europe
- On the money: Spreads, ice cream top Unilever woes
- Why Nestle is relaxed about the China "drag"
- Focus: Will Danone return to growth in dairy?
- SIAL: French firm Michel et Augustin to enter US
- SIAL 2014: Premier in talks over US manufacturing
- Kellogg, Nestle slammed for "chaotic" salt policy
- Premier cautious on profits after Q3 sales slide
- Mars puts R&D at centre of US plant expansion
- Italy warns of EUR200m hit from Russia ban