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BRIEF-Ebro Foods Sells Dry Pasta Business in Canada To Barilla Group

Published 2020-10-28, 09:45 a/m
© Reuters.

Oct 28 (Reuters) - Ebro Foods SA EBRO.MC :

* SAYS THROUGH ITS CANADIAN SUBSIDIARY CATELLI FOODS CORPORATION AND US SUBSIDIARY RIVIANA, HAS RESOLVED TO SELL ITS “CATELLI” DRY PASTA BUSINESS IN CANADA TO THE BARILLA GROUP

* BUSINESS SOLD COMPRISES THE BRANDS CATELLI, LANCIA AND SPLENDOR AND THE PLANT IN MONTREAL (QUEBEC)

* BUSINESS HAS BEEN VALUED AT CAD 165 MILLION (VALUE OF 100% OF BUSINESS, I.E. BEFORE ANY ADJUSTMENT FOR DEBT AND WORKING CAPITAL)

* DIVESTMENT IS NOT EXPECTED TO GENERATE ANY CAPITAL GAIN FOR EBRO GROUP

* WILL MAINTAIN ITS PRESENCE ON THE CANADIAN MARKET THROUGH ITS BRANDS GAROFALO (DRY PASTA), OLIVIERI (FRESH PASTA AND SAUCES) AND RICE (MINUTE RICE AND TILDA)

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