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.
- How brands are eyeing their own retail presence
- Why Lactalis could move for Dairy Crest
- Who could swoop for Diamond Foods?
- The consistent inconsistency of European promos
- Indonesia – How ice cream makers can drive volumes
- Nestle, R&R Ice Cream in joint venture talks
- How the food industry is reacting to TPP
- China implements new safety regulations
- Unilever acquires Italian gelato group Grom
- Mondelez 'preparing to sell European cheese unit'
- Management briefing: just-food’s industry outlook for 2015
- Global Savory Snacks Market: Merger and Acquisitions August 2015
- Danone SA : Consumer Packaged Goods - Company Profile, SWOT & Financial Analysis
- E-Grocery Market in India - Market Research 2015-2019
- Food and Beverage Coding and Marking Equipment: Market Outlook 2015-2019