Tue, 30 Oct 2012 | BUSINESS SALE
Premier Foods will be totting up the proceeds of its latest successful sales as some of its best-known brands have found new owners.
Branston Pickle, a British favourite, has been sold to Japanese firm Mizkan in a deal thought to be worth in the region of £92 million.
The sale is not the first Premier Foods brand to be acquired by Mizkan; the firm has already recently bought up Haywards and the vinegar brand Sarson's. The purchases are thought to work well with its existing operations as a rice vinegar supplier from a base in Staffordshire.
The deal will see Premier's Bury St Edmunds factory transferred to Mizkan when matters complete early next year.
Along with the sale of Branston's, Premier Foods has also managed to successfully dispose of its Sweet Spreads and Jellies Business to US firm Hain Celestial. The deal was first revealed in August but things have now been tied up, adding around £200 million to Premier's coffers.
The Spreads and Jellies umbrella includes brands such as Sun-Pat peanut butter, Gale honey and Hartley's jam.
But Premier Foods' debt, which is still hovering around the £1 billion mark, will see the firm continue to pursue buyers for many of its remaining brands in a bid to strengthen its financial position.
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