Wessanen goes ahead with dairy sale
Wessanen nv, the international food group, announced on Thursday
that its US dairy companies,...
Further to the divestment of its dairy activities Koninklijke Wessanen nv, the international food group, announced on Thursday that its US dairy companies, Marigold Foods and Crowley Foods, will be sold to National Dairy Holdings L.P. for $400 million. The combined annual sales of Marigold Foods and Crowley Foods amounted to about $1 billion in 2000. The Boards of both Wessanen and National Dairy Holdings have approved the transactions, which are subject to customary closing conditions includingregulatory approvals. Wessanen added that the divestment of Crowley Foods and Marigold Foods is a key part of its' ongoing activies to focus on its core natural, health and specialty foods operations. Proceeds of the sale will be deployed to continue expansion in this market and to complement recent acquisitions such as Distriborg, BOAS, Zonnatura, Food for Health, and the participation in Natudis. The company added that the adverse European investment climate, as a result of foot and mouth disease, had put the sale of their Leerdammer Company on hold.