French vegetable group Bonduelle is selling its 50% stake in Spanish vegetable group Ultracongelados de la Ribera (UCR) to its joint venture partner Ardo Group.
Under the terms of the agreement, Ardo will retroactively acquire all Bonduelle shareholdings in UCR as well as the real estate assets of a Bonduelle-owned production site located in Valencia. The deal came into effect as of 1 January.
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Production at the Benimodo, Valencia, site will be integrated into the industrial structure of Ardo. The facility employs 240 people and manufactures nearly 30, 000 tons of frozen vegetables and prepared vegetables. The site generates an annual turnover of more than EUR35m (US$38.9m).
With a turnover of EUR841m in 2015, the Ardo has 20 production, distribution and packing units in eight European countries. The firm sells 762,000 tons of fresh frozen vegetables, herbs, fruit, pasta and rice to 58 countries.
The companies stressed that the agreement was “the best option, both for the employees and in industrial terms for the future of the site”. Further financial details of the transaction were not disclosed.
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