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Nestlé sells part of frozen food business

(AP) -- Swiss food and drinks giant Nestlé said Friday it has concluded negotiations with EQT Scandinavia BV to sell its Findus brand and parts of its frozen food business in Europe.

This content was published on October 8, 1999 - 09:46

(AP) -- Swiss food and drinks giant Nestlé said Friday it has concluded negotiations with EQT Scandinavia BV to sell its Findus brand and parts of its frozen food business in Europe.

Terms of the deal were not disclosed. Nestlé said the transaction includes all of its frozen food activities in Britain and Scandinavia, as well as parts of the business mainly vegetables and fish in five other European countries.

"The total sales volume concerned amounts to about SFr900 million ($608 million)," Nestlé said in a statement. The Swiss firm said it will keep its frozen lines of prepared dishes, pizzas and snacks in continental Europe.

The change will affect 14 factories and about 3500 full-time employees, it added. The Findus brand worldwide, with the exception of Switzerland and Italy, will become the property of investment group EQT.

The transaction is subject to regulatory approval and to "consultation procedures with the workforce in some countries."

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