Tyson Foods has revealed its Kettle business was sold in December for US$125m.
In a statement accompanying its first-quarter results today (8 February), the US meat and prepared foods giant said Kettle is the first of the non-protein businesses the company was looking to sell to be offloaded.
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“We completed the sale of our Kettle business on December 30, 2017, and received net proceeds of $125m which were used to pay down debt,” Tyson said.
According to its former brand listing on Tyson’s website, the Kettle Collection brand consisted of “artisan-Inspired cooking sauces, appetiser dips and side dishes with cravable consumer appeal and heat and serve convenience”.
It formed part of the non-protein business segment at Tyson, a segment the company announced it was going to sell last April as part of a “strategic focus on protein brands”.
Still remaining unsold are Tyson’s Sara Lee Frozen Bakery and Van’s brands.
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By GlobalDataTyson said it anticipates closing transactions for those businesses in the “back half of fiscal 2018”.
Asked by just-food for further details of the Kettle sale, a spokesperson for Tyson said it would not be commenting further.
