Embattled French poultry group Doux is in exclusive negotiations with Catalonia-based Valls Companys to sell its Spanish subsidiary, Doux Iberica.
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Doux said the talks are expected to run until the end of the month and that the sale of the subsidiary, whose assets encompass two abattoirs, an egg-laying facility, an animal feed plant and two temperature-controlled warehouses, has not been finalised.
The sale of the Spanish subsidiary, which last year generated a turnover of EUR100m and employs 385 staff, conicides with Doux closing four abattoirs in France and a restructuring programme entailing almost 650 job cuts.
Doux said that the planned divestment is in line with a group re-focus on the French market and in particular, on the fresh poultry products segment.
With a turnover of almost EUR800m and headquartered in Lérida, Valls Companys, specialises in animal flours and pork processing.
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