Canada-based McCain Foods purchased PinguinLutosa Food Group’s potato division, including the production, marketing and distribution of frozen, chilled and dehydrated potato products, as well as the Lutosa brand.
The board of directors for both parties approved a binding agreement, which is subject only to a confirmatory due diligence and regulatory approvals. Terms of the agreement were not disclosed.
“This acquisition is in line with our strategy of reinforcing our core potato business in Europe,” says Jean Bernou, chief executive officer of McCain Continental Europe. “The products and brand positioning of Lutosa and McCain are highly complementary. Lutosa will help us to further expand our product offering and cater to a wider range of customers while ensuring continuity in terms of investments and optimal service quality.”
“When we were approached by McCain, the opportunity for us to focus on our core fruit and vegetable business while allowing the Lutosa division to reach the next level of excellence was too good to pass up,” adds Hein Deprez, chief executive officer of PinguinLutosa Food Group, Belgium. “Lutosa developed a strong brand and market position around the world, and can count on a strong team of employees, partners, farmers and traders. We are delighted that Lutosa will become part of the potato leader and can continue to grow further.”
For more on McCain Foods, check out Refrigerated & Frozen Foods’ September 2012 issue.