Food acquisition news : Finland-based Raisio has struck a deal to sell its confectionery business for EUR 77 million to Valeo Foods, an Irish producer of branded food and beverage products.
The transaction is being done by Raisio to focus on its well-being brands.
As part of it, Valeo Foods will be acquiring six confectionery factories in the UK and Czech Republic of Raisio along with its brands that include Poppets, Fox’s, Just, XXX and Pedro.
Raisio’s confectionery business also produces confectionery products for its retail and industrial customers.
Pekka Kuusniemi, President and CEO of Raisio said: “The divestment of the confectionery business is an important strategic step for Raisio on its path towards a responsibly operating forerunner focusing on healthy foods.
“Together with our already strong balance sheet, the proceeds from the deal allow extensive acquisitions that strategically fit our core business.”
About 1,000 employees working for Raisio’s confectionery business will be moved to Valeo Foods following the transaction.
Seamus Kearney, the CEO of Valeo Foods said: “This transaction is consistent with Valeo Foods’ strategic focus and we are very excited about the opportunities to expand and grow these businesses through a combination of significant new capital and brand investment.”
For more food acquisition news and confectionery industry news, keep following Business-News-Today.com.
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