Dutch animal nutrition and fish feed company Nutreco has announced the completion of the sale of its poultry processing business, Pingo Poultry, to Plukon Royale, part of Royal Cebeco Group.
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The deal was announced on 27 June 2005. Completion was dependent, amongst other factors, upon receiving approval from the competition authorities and this has been granted.
Pingo Poultry specialises in fresh pre-packed products for retail customers and fresh and frozen poultry meat for the food industry. In 2004 its processing revenues totalled €190m (US$228.7m). Pingo Poultry has two sites in the Netherlands and one in Maasmechelen in Belgium, with approximately 1,000 employees between them.
Nutreco said in June that the sale of Pingo Poultry’s processing business fits within its previously announced strategy to focus on the growth of Nutreco’s animal nutrition and fish feed business and the reduction of financial exposure to the earnings volatility of its food businesses.
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