UPDATE: NETHERLANDS: Wessanen preparing for frozen food exit
Wessanen plans to sell frozen food unit, including Beckers brand
Wessanen has confirmed it is preparing for the sale of its frozen food businesses through the move to take full ownership of Favory Convenience Food.
The Dutch food group announced this morning (23 July) it will acquire the 35.9% stake it did not already hold in Favory from Rabo Capital for EUR5m (US$6m).
Wessanen said the business would benefit from greater integration and alignment with its other frozen food unit, Beckers.
The company has previously indicated it intends to focus on its organic food business in Europe and that its frozen operations are considered "non-core".
A spokesperson for Wessanen told just-food the Favory deal would allow the group to "maximise" the value of its frozen arm in preparation for an eventual sale.
"We will first focus on the execution of the strategy and maximise shareholder value and in time we will look at a potential divestment," the spokesperson said.
Wessanen has "nothing firm yet" and the group is yet to determine a timetable for the sale process, the spokesperson added.
Dutch organic food group Wessanen will become "leaner, fitter and more profitable", its chief executive pledged today (25 October)....
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