Pan-European chilled convenience foods company Uniq has said that it has completed the sale of its UK-based ambient sauces business, Uniqsauces, for £12.15m (US$19.5m) in cash to McCormick UK, a subsidiary of US company McCormick & Company.
Uniq said the proceeds of the sale would be used to reduce its borrowings. The company also said that the sale was in line with plans to focus on the growth markets within the European chilled convenience foods sector.
Uniqsauces produces ambient sauces, salad creams, mayonnaise, salad dressings and marinades, and operates from two factories in Littleborough, Lancashire. The business has 350 employees and had sales of £35.5m and profits of £0.5m for the year ended 31 March 2002, reported Dow Jones International News.