Nestlé Spain has announced the signing of an agreement to sell La Cocinera frozen ready to eat meals business to Findus Spain.
The Swiss-based food giant did not disclose the sales price.
The divestment includes La Cocinera brand and the Valladolid factory, where the frozen culinary products are produced. The chilled dough products (puff pastry, pie dough, etc.), today under La Cocinera brand, are not part of the deal. Those products will be marketed under the Buitoni brand name once the transaction is completed.
The agreement is subject to the approval of the Spanish competition authorities, the company said in a statement today.
Findus Group has said its acquisition of La Cocinera will double the size of its business in the country.
The food giant’s move is just another step in the ongoing portfolio review and streamlining. Last year Nestlé Waters announced the divestment of its Löhnberg, Germany factory, and last November Le Monde reported that the food giant was to sell Davigel, its French frozen food subsidiary.
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