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.
- What US companies might Nomad Foods buy?
- Challenges for General Mills with The Good Table
- Why investors are concerned about water risk
- Competition intensifies among UK burger chains
- Greek crisis: The impact on shopper behaviour
- Just Mayo under fire from US FDA after complaint
- B&G Foods "front-runner for Green Giant"
- FrieslandCampina H1 earnings up despite flat sales
- Brownes Dairy "attracts eight suitors"
- General Mills to work on artificial ingredients
- Management briefing: just-food’s industry outlook for 2015
- Food Flavourings & Colourings (UK) - Industry Report
- Nestle USA, Inc.: Consumer Packaged Goods - Company Profile & SWOT Analysis
- Bakery Market in Japan: Forecast, and Market Analysis 2015-2019
- Probiotic Ingredients Market by Function, Application, End Use, Ingredient, and by Region - Global Trends & Forecast to 2020