The executive board of Dutch specialty and convenience foods distributor Koninklijke Wessanen has announced that an agreement has been reached with French dairy Fromageries Bel regarding the sale of Leerdammer.
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Wessanen will sell Leerdamer to Fromageries Bel for €190m (US$186.3m) in cash. The transaction is subject to the approval of the relevant competition authorities. Assuming timely receipt of this approval the transaction is expected to be completed during the fourth quarter of 2002, the company said.
The divestment of Leerdammer Company completes the sale of all of Wessanen’s dairy activities as part of the wellness strategy to focus on its core natural, health and specialty foods operations. The proceeds will be used to further strengthen the balance sheet providing Wessanen with leverage to continue its expansion in this high growth market in Europe and North America.
Leerdammer focuses exclusively on the production and sale of cheese products for the European market under the Leerdammer brand name. Leerdammer is the largest brand of hard cheese in Europe, with brands including La Vache qui rit, Kiri, Port Salut and Mini Babybel. Annual sales amounted to €292m in 2001.
The Leerdamer unit was put on the market last year but taken off again after the foot and mouth outbreak in Europe made it difficult to find a buyer.
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