Finland's Raisio has sold its Risella rice brand to Spanish food giant Ebro Puleva, a long-term partner and rice raw material supplier to Raisio.

Raisio said the sale price is €4m (US$4.87m), which is expected to generate a sales profit of approximately €2.5m.

As a result of the deal Raisio will halt production, packaging and storage of the rice by the end of this year, but the company will continue to act as the distributor of Risella products.