British food producer Premier Foods Plc (LON:PFD) has completed the £92.5m ($145.6m/€107m) sale of its sweet pickles and table sauces operations to Japan’s Mizkan Group Corp, the vendor said today.
The sum, payable in cash, is subject to a post-completion inventory adjustment, it added.
Premier Foods agreed to sell the business in late October in a drive to focus efforts on its grocery business and on building value in its bread line.
The offloaded business includes the manufacturing, distribution, sales, marketing and licensing of the Branston brand, a private label operation and the Bury St Edmunds manufacturing site in Suffolk. The product range comprises sweet pickle, ketchup, relish, salad cream and mayonnaise.
When announcing the agreement, Premier Foods said it would have registered some £370m in disposal proceeds since March 2012 once it completes this divestment.