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December 4, 2012

NORWAY: Rieber & Søn sells fried onion unit to Top Taste

Norwegian food group Rieber & Søn has sold its "under-performing" crispy fried onions business in the Netherlands to local firm Top Taste Holding.

Norwegian food group Rieber & Søn has sold its “under-performing” crispy fried onions business in the Netherlands to local firm Top Taste Holding.

Rieber said today (4 December) the move comes on the back of the completion of a strategic review of its portfolio. The firm said it decided the crispy fried onions business “does not fit” into its strategy of being a brand-focused company given that only a small portion of its products are branded.

Financial details of the transaction were not disclosed. Rieber said it will book a loss from the sale of around EUR22m (US$28.8m) in its fourth quarter 2012 accounts.

In October, Rieber booked a drop in third-quarter profits, hit by one-off costs. Earlier that month, the company had agreed a deal for Norwegian conglomerate Orkla to buy a 90.1% stake in the company, valuing Rieber at NOK6.1bn (US$1.03bn), on a debt-free basis.

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