French food group Danone said on Monday that it planned to sell its Amoy sauce business in Asia, an asset that wasn’t part of the sale of its sauce business to H J Heinz, according to the Dow Jones news agency.
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“[The sale of the sauce division] tolls the bells for the Amoy business in Asia,” chief financial officer Emmanuel Faber said during an analyst conference call. “It should also be disposed of as a non-core business for us.”
“We saw more value for shareholders in delivering a separate transaction in Asia than in combining it with the rest of the sauce business,” Faber said, adding that Amoy has around €70m (US85.4m) in annual sales and is breaking even.
