Deoleo, the Spain-based olive oil supplier, has sold its last remaining rice business asset in the country to Ebro Foods for EUR1.9m (US$2m).
A Deoleo spokesperson told just-food today (21 April) the sale of the company’s 75% stake in the Sevilla Rice Company-operated mill business at Los Palicios, Seville, was completed in December. The deal was formally announced in a notification to Spain’s stock market regulator, the CNMV, a few days’ ago.
The sale means Deoleo has finally divested all of its rice assets, after leaving the sector in 2011 when, as the SOS food group, it sold its rice division to Ebro.
Earlier this month, Deoleo set out a plan to reduce its share capital by at least EUR300m (US$320m) as it looks to improve its balance sheet after another year of losses.
Separately, Deoleo said it had decided to rent out a plant in Italy it had planned to shut. Italy-based business-to-business supplier The Organic Factory is to lease the plant, located in Inveruno in the suburbs of Milan, for four years.