Orkla Foods Sverige has agreed to sell the Mrs Cheng’s soy sauce brand to Belgium-based Continental Foods for an undisclosed fee.
A deal was reached between the two companies on 4 December, and results in the 100% divestment of the Mrs Cheng’s brand, which has a portfolio of soy sauces and Thai casseroles bases in Sweden.
The divestment comes as Orkla attempts to streamline its operations by focusing on fewer categories, according to a statement released by the company.
Orkla acquired Mrs Cheng’s through the acquisition of Rieber & Son in 2013, and the brand registered net sales of SEK 23.5 million ($2.61 million) in 2017.
Henrik Julin, CEO Orkla Foods Sverige said: “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.”
Last month, Orkla made an offer to acquire pizza restaurant chain Kotipizza for approximately €146.1 million, as part of an effort to grab a slice of the pizza segment, building upon its acquisition of Danish pizza chain Gorm’s earlier in the year.
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By Martin White
Source: FoodBev
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