Ebro Foods has offloaded rice businesses in Puerto Rico and US Virgin Islands.
The Spain-based group said today (2 February) it had sold the assets for EUR12m (US$13.1m) to an Puerto Rico company called CC1 Grain, LLC. The units market rice under three brands – El Mago, Sello Rojo and Cinta Azul.
Ebro said the two markets “are not in keeping with the group’s strategy, which focuses on high-value products”.
Ebro said the move reflects the growing emphasis it is placing on expanding in the organic sector. The deal will be completed through Ebro’s newly-created organic unit, Alimentation Santé.
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Celnat posted a turnover of EUR22m in 2015, 20% of which was generated in foreign markets.
Ebro made two acquisitions in last year, buying Roland Monterrat, a French supplier of fresh, ready-to-serve food, and snapping up US rice brand RiceSelect.