US food giant Kraft Foods has agreed to sell its retail rice business in Germany, Austria and Denmark to Ebro Puleva, a Spanish producer of sugar, dairy and rice products,

The proposed sale, which is subject to approval by the German competition authorities, includes the reis-fit brand marketed in Germany and Austria and ris-fix sold in Denmark, which have combined revenues of over €27m (US$28.9m).

Kraft said the transaction reflects the company’s strategy of focusing on growing its leading brands in its core categories.

Once the deal is approved, the reis-fit brand will be marketed in Germany and Austria by Euryza and the ris-fix brand in Denmark by Boost Nutrition. Euryza and Boost Nutrition are both jointly owned by Ebro Puleva and Texas-based Riviana Foods.

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By GlobalData