French food manufacturer Fleury Michon has struck a deal to sell its 50% stake in a venture in Italy.

Fleury Michon is to offload its half-share of Piatti Freschi Italia, a ready-meals manufacturer in which the company has been an investor for almost 20 years.

Based in Milan, Piatti Freschi Italia was set up by Fleury Michon and Italian meat-products manufacturer Beretta Group in 2001.

In a stock-exchange filing, Fleury Michon said it had signed a memorandum of understanding to sell its stake in Piatti Freschi Italia to Mariofelice, Beretta’s parent company. Financial details were not disclosed.

Fleury Michon said the deal should be finalised “in the coming weeks”.

Earlier this month, Fleury Michon reported higher first-half sales but the company saw losses grow, with an impairment filed against a business in the US.

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The company posted an 8% increase in sales to EUR376.7m (US$446.3m), boosted in part by its acquisition of airline foodservice supplier Marfo Food Group in July 2019. Stripping out that deal, sales were up 4.1%.

Fleury Michon reported an operating loss of EUR3.5m, which compared to a loss of EUR5.7m a year, but was affected by an impairment charge of more than EUR5m on its Fleury Michon Amérique division, a business specialising in airline catering in North America.