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Nestlé S.A.: Frozen Food Restructuring in Europe

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Nestlé S.A., a key player in the frozen food market, will enter negotiations with EQT Scandinavia B.V., a Scandinavian investor group, in view of re-structuring part of its European frozen food activities and its brand portfolio. The spin-off of activities under consideration could include businesses with annual sales of up to CHF 1 billion and the Findus brand.

Nestlé's objective is to focus its European frozen food activities on the prepared dishes, snack and pizza markets. In line with this objective, Nestlé Spain S.A. and the Danone Group have concluded an agreement, subject to the usual regulatory approval, for the acquisition by Nestlé of 100% of the shares in the company Preparados y Congelados Alimenticios S.A. – La Cocinera. This company, with a production site near Madrid, produces and sells under the La Cocinera and Fricongel brands, frozen prepared dishes, pizzas and snacks, as well as refrigerated products. In 1998 sales reached CHF 90 million.