Cadbury Schweppes has finally agreed to sell its Monkhill business to UK firm Tangerine Confectionery.
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Cadbury, the world’s largest confectioner, said today (18 January) that it had agreed a GBP58m (US$114m) deal with Tangerine, which is owned by private equity group Close Growth Capital.
It emerged last summer that Tangerine was eyeing the Monkhill business and speculation of a deal has reappeared in recent weeks.
Cadbury had first announced plans to sell Monkhill in 2006 but a fire at the popcorn production facility held back the sale.
Monkill, which makes brands including Butterkist popcorn, is expecting to post revenue of around GBP76m for 2007. Earnings, on a pro forma basis, are forecast to be GBP6.7m.
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