Premier Foods to sell vinegar business to Mizkan
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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