Nestle has announced the sale of its Spanish frozen ready meals business, La Cocinera, to Findus.
The food giant said the move was in line with its “ongoing portfolio review”. Nestle has sold a raft of assets in recent quarters, including last month an ice cream business in Mexico.
The deal includes the La Cocinera brand and the Valladolid factory, where the frozen culinary products are made. The La Cocinera brand produces croquettes, pies, lasagne and cannelloni.
Findus, in a statement on its Spanish website, said the acquisition would allow it to strengthen its position in the frozen ready meals category in the market, as well as in France and Belgium.
“Findus, dedicated to the preparation of frozen products, will have thanks to this acquisition…its first production of ready meals in Spain,” it added.