Nestlé: sells meat business Herta in vegetarian push
(CercleFinance.com) - Swiss food group Nestlé has agreed to sell 60% of its European meat business Herta to Spanish family-run company Casa Tarradellas, the company said on Friday, confirming its recent health-conscious path.
Under the terms of the deal, Nestlé and Casa Tarradellas will create a joint venture for Herta - which makes charcuterie, meat-based products and doughs - with each group having respective stakes of 40% and 60%.
The business - which made sales of 667 million euros last year - has been valued at 690 million euros.
Note that Nestlé plans to retain the existing Herta vegetarian business, in line with its increased focus on plant-based offerings.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Under the terms of the deal, Nestlé and Casa Tarradellas will create a joint venture for Herta - which makes charcuterie, meat-based products and doughs - with each group having respective stakes of 40% and 60%.
The business - which made sales of 667 million euros last year - has been valued at 690 million euros.
Note that Nestlé plans to retain the existing Herta vegetarian business, in line with its increased focus on plant-based offerings.
Copyright (c) 2019 CercleFinance.com. All rights reserved.