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South African consumer goods firm Tiger Brands has announced plans to sell its minority stake in Empresas Carozzi, a Chilean food and drinks manufacturer, to Carozzi, which already has a 75.61% share in the company.
Founded 126 years ago, Empresas Carozzi produces grains, confectionery, sauces, baked goods, beverages, ice cream, and pet food that are sold across Latin America. Tiger Brands first invested in the company in 1999 and increased its share to 24.38% in 2001.
Tiger Brands said that while Empresas Carozzi has performed well over the past 25 years, Latin America is no longer part of its strategic focus.
The deal, which is valued at for $240 million, is expected to be completed by 18th March.
Source: FoodStuff SA
