To Press Releases listVevey,October 8, 1999
Nestlé S.A. announces that the negotiations with EQT Scandinavia B.V. concerning the sale of the Findus brand and parts of Nestlé's frozen food business in Europe have been successfully concluded.
The transaction includes all of Nestlé's frozen food activities in Great Britain and in Scandinavia, as well as parts of the business – mainly vegetables and fish – in five other countries in Europe. The total sales volume concerned amounts to about CHF 900 million. 14 factories in seven European countries will change hands and about 3500 full-time employees will join the new organization. The Findus brand worldwide, with the exception of Switzerland and Italy, will become the property of EQT Scandinavia B.V.
The transaction, for which no price was disclosed, is subject to regulatory approval and to the consultation procedures with the workforce in some countries. As with its very successful frozen food business in the Americas, Nestlé will remain a key player in the frozen food area in continental Europe, as well as in other parts of the world, concentrating its activities mainly on prepared dishes, pizzas and snacks.