Consumer packaged goods company Marico has sold its Sil processed foods business to Denmark’s Good Food Group for an undisclosed sum.
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The sale, which includes a manufacturing facility at Saswad near Pune, will see Marico distribute the Sil range of products for Scandic Food India, Good Food’s Indian subsidiary, for one year.
“We have been focusing on our core businesses and have hence decided to divest the Sil business,” said Saugata Gupta, CEO of Marico’s consumer products business. “This will release management bandwidth for our core that is beauty and wellness.”
Marico has made seven acquisitions over the last 35 months and sees this latest purchase as logical step forward.
“We have looked at rationalising our brand basket so that we continue to focus sharply on beauty and wellness,” said Milind Sarwate, Marico’s chief of HR and strategy. “This divestment is thus a logical sub-set of a portfolio strategy aimed at sustainable profitable growth.”
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By GlobalDataNo one was available to comment at Good Food Group when just-food contacted the company.
