Nestlé Spain has agreed to divest its La Cocinera frozen ready to eat meals business to British frozen food and seafood supplier Findus Spain for an undisclosed amount.
The company has signed an agreement to this effect which is subject to the approval of the Spanish competition authorities.
The transaction includes the sale of La Cocinera brand and the Valladolid factory, where the frozen culinary products are produced.
However, Nestlé will retain chilled dough products such as obleas, puff pastry, pie dough which are sold under La Cocinera brand.
The New York times reported that the divestment is said to form a part of Nestlé's strategy to focus on profitable business lines.
Besides La Cocinera business, Nestlé is also exploring the sale of frozen-food unit Davigel, PowerBar athletic bar business and most of its Jenny Craig diet food business, The Wall Street Journal reported.
