Premier Foods has reached an agreement to sell its vinegar and sour pickles business, including the Sarson’s, Haywards and Dufrais brands, to Mizkan, for a cash consideration of £41m.
The sale is expected to complete by the end of July 2012.
Michael Clarke, CEO, Premier Foods said: “This agreement represents another important step in our strategy to focus on our Power Brands.
"I’m delighted that we have found a buyer such as Mizkan. Our vinegars and sour pickles business and employees will greatly benefit from being part of a global player focused on vinegar and liquid condiments.”
For the year ended 31 December 2011, the vinegar and sour pickles business had reported revenues of £34m and EBITDA of £6.2m (before selling, general and administrative costs). The gross assets of the business being sold as at 31 December 2011 were £31.7m.
Source: Premier Foods
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