Nestle has announced that it is selling its La Cocinera business to the Spanish arm of Findus for an undisclosed sum.
The La Cocinera division manufactures ready-to-eat frozen foods including pastry products, croquettes, pasta meals, soups, processed meat products and other related frozen goods.
The deal includes the La Cocinera brand and the Valladolid factory, where the products for the brand are manufactured, but chilled pastry and dough products sold under the La Cocinera brand would not be included in the transaction, Nestle said. These products will instead be transferred to the Buitoni portfolio of frozen pizzas, chilled pasta and chilled sauces.
Reuters reports that Nestle has recently sold off a number of underperforming brands, including its PowerBar energy bars and most of its Jenny Craig weight management business, as part of an ongoing portfolio review.
The deal is subject to the approval of the Spanish competition authorities.
Source: Nestle / Reuters