Premier Foods sells vinegar and pickle brands to Japanese company
By John Reynolds, marketingmagazine.co.uk, Friday, 15 June 2012 08:54AM
Premier Foods has sold its vinegar and sour pickles business, including its Sarson’s and Haywards brands, to Japanese vinegar-specialist Mizkan, for £41m.
The sale, which also includes Dufrais vinegar, forms part of Premier Food's decision to focus on its core brands, as it struggles to cope with hefty debts and offload non-core businesses.
Premier Foods said the funds from the sale would be used to pay down the company’s debt pile.
The deal marks the second major deal involving a British food brand and an Asian buyer in recent months, following the sale of a majority stake in Weetabix to a Chinese state-owned business.
The sale of the vinegar and sour pickles businesses is expected to be completed by the end of July.
Premier Foods said Sarson’s and Haywards brands are market leaders in their respective categories of malt vinegar and pickles while Dufrais is the number two brand in specialist vinegar.
It is unclear if the sale will lead to any redundancies.
Chief executive Michael Clarke said: "The agreement represents another important step in our strategy to focus on our Power Brands.
"Our vinegars and sour pickles business and employees will greatly benefit from being part of a global player focused on vinegar and liquid condiments."
Follow John Reynolds on Twitter @johnreynolds10
This article was first published on marketingmagazine.co.uk
- Account Manager - Fantastic London Agency Blue Skies Marketing Recruitment £28000 - £32000 per annum, Benefits: Great agency benefits , London
- Account Manager Blue Skies Marketing Recruitment £28000 - £35000 per annum, London
- Head of Social - Top London Agency Blue Skies Marketing Recruitment 70000, London
- Digital Director - Integrated Entertainment Marketing Agency - London - £50k - £60k - NP205 Stonor £50k - £60k, London (Central), London (Greater)
- Account Manager (ALL MEDIA) Dot-Gap £35k, London (Central), London (Greater)
- Google's European leader says viewing habits are 'changing dramatically'
- Tesco media review pits Initiative against MediaCom and ZenithOptimedia
- Martin Sorrell talks Maurice Lévy, Tesco, and the global outlook
- Viacom to bring Breaking Bad to Freeview with Spike launch
- Land Rover to move global ad account into Spark44
- 'Advertisers are snake oil salesmen', says Peter Oborne