The Irish drinks and snacks manufacturer C&C Group announced that it has sold Tayto Crisps to Largo Food Exports for EUR62.3m (US$79.49m) cash.

A spokesperson for the company told just-food that the deal, which is subject to regulatory approval, should be completed before the end of the year. Proceeds from the sale will be used to reduce debt, the company said in a statement.

Tayto manufactures savoury snacks and crisps in Ireland. In the year to February, Tayto generated operating profits, before exceptional items, of EUR5.8m on turnover of EUR47.3m.

Maurice Pratt, chief executive of C&C, said: "The board of C&C is pleased with the agreement reached to sell Tayto to Largo.

"The price achieved for Tayto recognises the value of its iconic brand position in the Irish market. Following the sale, the group will continue to focus on sustainable growth opportunities within its brand portfolio."