Spanish food giant Ebro Puleva has sold its stake in Belgium-based rice cake and snack manufacturer Herto NV.
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Ebro Puleva’s 66% stake was sold for EUR21m (US$33m), which is equivalent to 7.2 times EBITDA for 2007. The company booked capital gains of EUR6m.
When contacted by just-food Ebro Puleva declined to comment on who the stake was sold to, saying only that it was a “private group”.
Australian company Ricegrowers also holds a 33% stake in Herto.
“The divesture is part of our strategic plan to focus on core activities,” a spokesperson for the company said.
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By GlobalDataThe divestiture coincided with the agreement reached by Ebro Puleva’s French subsidiary Panzani for the sale of its wheat business managed by the company Grands Moulins Laurel.
