Orkla Foods Sverige has signed and closed an agreement with Continental Foods on the sale of the Mrs Cheng's brand. The purpose of the sale is to concentrate activities on fewer categories.
The agreement concerns the 100% divestment of the Mrs Cheng's brand, which has a product portfolio of soy sauces and Thai casseroles bases in Sweden.
The brand became a part of Orkla through the acquisition of Rieber & Son in 2013 and had net sales of SEK 23.5 million (ca. NOK 21.6 million) in 2017.
Continental Foods is a European food company, with operations in Belgium, Finland, France, Germany, and Sweden.
- We are very pleased that Continental Foods has chosen to include the Mrs. Cheng's brand and its great products into its portfolio. The brand complements their product range nicely and will continue to delight Swedish consumers going forward, says Henrik Julin, CEO Orkla Foods Sverige.
The parties have agreed not to disclose the sales price. The sale is effective as from 4 December.
Orkla is a leading supplier of branded consumer goods and concept solutions to the consumer, out-of-home and bakery markets in the Nordics, Baltics and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and its head office is in Oslo. In 2017, the Group had a turnover of NOK 40 billion, and approximately 18,000 employees as of 31 December 2017.
Oslo, 5 December 2018
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