Norwegian food group Orkla has offloaded its Mrs Cheng's Soy Sauce brand to Belgium-based Continental Foods.
The group said that it completed the sale of the Sweden-based brand on 4 December, according to just-food.com.
The financial details of the transaction have not been revealed, and the sale forms part of Orkla's bid to streamline and simplify its business.
The Mrs Cheng's brand, which Orkla acquired in 2013, generated around SEK 24 million in sales last year.
Developing The Business
At the group's Capital Markets Day at the end of October, Orkla outlined plans to achieve growth in underlying EBIT margins of at least 1.5%, as well as improve working capital efficiency.
"Orkla has transitioned from a conglomerate to a leading branded consumer goods company," Orkla president and CEO, Peter A. Ruzicka, said at the time.
"We continue to increase the Group's profitability by improving efficiency in every part of our value chain. Orkla will strengthen its leading local brands while reducing the complexity of its portfolio. We are laying the foundation for greater future growth by strengthening our presence in higher-growth channels, categories and geographies. By delivering strong innovations, we will continue to be consumers' first choice."
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
