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.
The company also opted to integrate its Czech Republic-based Hamé and Slovakia-based Vitana companies into one entity, in order to create “one strong food company” in the region.
By Martin White
Upon FoodBev Media’s return from Vitafoods 2022 – which took place from 10-12 May in Geneva, Switzerland – the team reflects on the event’s aim to bring together international nutraceutical suppliers and experts from across the globe.
Following a strategic review last year, Mondelēz International is planning to sell its developed chewing gum business, which includes brands Trident and Dentyne. This is in addition to offloading its Halls cough drop brand, as the food giant focuses on generating 90% of revenue in its chocolates and biscuits businesses, including baked snacks.
Givaudan has unveiled NaNino+, a patent-pending combination of plant-based ingredients and natural flavorings that can replace nitrite in processed meat. Designed with natural ingredients, it provides a lasting multi-sensorial food experience with a good taste, color and freshness.