US: Wessanen sells Tree of Life to Kehe
By: just-food.com | 23 December 2009
Dutch food group Wessanen announced this morning (23 December) that it has reached a deal to sell its US organic unit Tree of Life to Kehe Food for US$190m.
The company, which had been looking to sell Tree of Life for most of 2009, said the proceeds from the sale would be used to pay down debt and strengthen its financial position.
Wessanen CEO Frans Koffrie said that the sale was a "major step" in the company's transition to a group focused on European organic and speciality food markets.
"Earlier this year we announced reviews to exit our North American branded and distribution businesses. With the earlier divestment of Liberty Richter and now Tree of Life, good progress has been made toward this strategic focus," he said.
"In combination with a strengthened balance sheet, we are well-positioned to benefit in full from the ample opportunities of the European organic and speciality food markets."
Tree of Life distributes lines from Hain Celestial, Kraft Foods and Dean Foods' Horizon Organic alongside its own namesake products.
The deal is expected to close in the first quarter of 2010 and excludes the Panos Brand. Closing is subject to shareholder and regulatory approval.
Sectors: Natural & organic
Companies: Tree of Life, Wessanen, Hain Celestial, Kraft Foods, Dean Foods
View next/previous articles
23 Dec 2009 -
Currently reading -
US: Wessanen sells Tree of Life to Kehe
23 Dec 2009 -
23 Dec 2009 -
Related research
This report analyzes the worldwide markets for Diet Foods in US$ Million....
This report analyzes the worldwide markets for Clinical Nutrition Products in US$ Million by the following segments: Enteral Nutrition, Infant Nutrition, and Parenteral Nutrition....
This report analyzes the worldwide market for Eggs in Millions....
Related articles
Editor's choice: the best of just-food this week
Europe's politicians waded into the divisive issue of food labelling this week and issued a red light to imposing mandatory traffic-light labels. Danone's international expansion motored on with a deal in Russia, while Brazilian meat group Marfrig made another overseas acquisition - but has it over indulged?
US/UK: Hain Celestial buys UK food-to-go firm Churchill
US natural and organic food group Hain Celestial has snapped up UK business Churchill Food Products for an undisclosed sum.
FRANCE: Wessanen extends Bjorg baby-food range
Dutch food group Wessanen has expanded its range of baby-food products on sale in France under the Bjorg brand.
There are currently no comments on this article
Be the first to comment on this article