Benecol owner Raisio is to sell its margarine business to US agribusiness giant Bunge.

The Finland-based firm announced the EUR80m (US$108.5m) deal today (14 May) and said it would help the business focus on grain-based products.

"The transaction will bring Raisio a new, significant Benecol partner, who is looking to develop Benecol and functional foods," said Raisio CEO Matti Rihko.

"The divestment will bring further clarity to Raisio's focus: the company will concentrate on grain-based products."

Rihko said Bunge was looking to "leverage its position" in central and northern Europe. He said Raisio would sell margarine products for Bunge in Finland, Sweden and Estonia.

Officials at Bunge could not be reached for immediate comment.

Raisio said that, under the terms of the deal, Bunge would take on margarine plants in Finland and Poland, as well as brands including Keiju and Masmix.