Spanish olive oil producer Deoleo has sold its 50% stake in its Moltuandújar joint venture to partner Sovena, the Portuguese group.

Deoleo announced yesterday (21 May) Sovena would pay EUR6.1m (US$7.9m) to own 100% of the venture. Along with the stake sale, the two companies agreed to transfer machinery and lease assignment for the oil packaging site located in Andújar.

The move came as part of an efficiency plan to ensure the viability of the Andújar facility, Deoleo said.