Thu, 23 Aug 2012 | BUSINESS SALE
Premier Foods has agreed a sale of its jams and jellies business to US Hain Celestial Group.
Among the brands to be sold to Hain's are Robertson's, Frank Cooper, Keiller and Sun-Pat. The sale is due to go through for £200 million and marks the third sale of a brand group by Premier this year.
The British firm has been selling off a number of its big name brands in a bid to rid itself of some of the debts it stacked up in the run up to the recession. Flour brand Elephant Atta and Sarson's vinegar have already been sold this year for a total of £75 million.
It is hoped that the sales will cut 22 per cent off Premier Foods' debt, which stood at £1.3 billion as of 30 June. This latest sale takes the group one step closer to its target of raising £330 million in disposal proceeds by June 2014.
Meanwhile, Hain Celestial is hoping that the purchase will help with its global expansion plans. Its chief executive Irwin Simon commented: “The acquisition of the Premier Foods brands furthers our goal to expand in the United Kingdom with the addition of ambient grocery products.”
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