Sector News

UK's Reckitt Benckiser weighing foods business sale: paper

April 3, 2017
Consumer Packaged Goods

British consumer goods group Reckitt Benckiser is considering the sale of its foods business, which includes French’s, its top-selling U.S. mustard brand, to help fund its $16.6 billion takeover of baby food maker Mead Johnson, British newspaper The Sunday Times said.

The maker of Durex condoms and Nurofen painkillers has told banks it plans to sell the foods division, as it no longer considers it core to a business increasingly focused on consumer health, the report said, citing senior sources.

The foods arm, which had sales last year of 411 million pounds, could fetch more than 2.4 billion pounds ($3 billion), according to the report.

Reckitt, which on Friday said it had cut the pay of Chief Executive Rakesh Kapoor after a safety scandal in South Korea, agreed to buy Mead Johnson in February.

A spokeswoman for Reckitt declined to comment on the report.

By Paul Sandle

Source: Reuters

comments closed

Related News

February 25, 2024

The Body Shop faces store closures, layoffs and ingredient surplus after Aurelius acquisition

Consumer Packaged Goods

Recent reports reveal The Body Shop will shut up to half of its 198 stores in the UK and cut the size of its head office, incurring hundreds of job losses. According to the firm overseeing the restructuring of the beauty retailer, closures will begin this Tuesday.

February 25, 2024

Kroger and Albertsons face lawsuits to block $24.6bn merger – Bloomberg

Consumer Packaged Goods

Amidst brewing tensions, the US Federal Trade Commission (FTC) and a coalition of states are poised to take legal action as early as next week, aiming to prevent grocery giant Kroger’s $24.6 billion acquisition bid for Albertsons, Bloomberg reported.

February 25, 2024

Diageo reportedly in talks to offload trio of brands, including Pimm’s

Consumer Packaged Goods

The owner of Guinness and Baileys has hired financial service group Rothschild to explore the sale, which includes Pimm’s, fruit liqueur brand Safari and Pampero rum. Each brand could be offloaded individually or as a three, according to Sky News.

How can we help you?

We're easy to reach