Dutch food group Wessanen has raised EUR18.4m (US$25m) through an equity offering.
The company has issued around 6.8m new shares at a price of EUR2.69 each.
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In a statement released today (9 March), Wessanen said the proceeds would be used to strengthen the company’s balance sheet and provide the “financial flexibility” necessary to carry out its “strategic and operational plans”.
“Such flexibility is desired regarding the timing of the planned divestment of US based Panos Brands and the amount and phasing of advertising and promotional spending during the year,” the group said.
Last month, Wessanen reported annual losses of EUR219.7m. The company faced issues with its debts, tumbling profits and the departure of its CEO in 2009.
Wessanen’s underlying revenues fell 3.2% to EUR702.5m in 2009 but the company swung to an operating loss of EUR44.4m – compared to an operating profit of EUR37.1m in 2008 – as impairment charges in the fourth quarter hit earnings.
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