McCain Foods has agreed to sell its North American frozen pizza business unit to Germany-based food establishment Dr. Oetker.
An agreement to this effect was signed between McCain Foods and Dr. Oetker.
The transaction includes the sale of McCain's operations in New Brunswick, Canada; and New Jersey, US. It also includes Ellio's brand in the US and a two-year license for the use of the McCain brand in Canada.
The financial terms of the transaction were not disclosed, with the deal currently subject to regulatory approval in Canada.
Dr. Oetker Executive Board chairman Richard Oetker said: "The McCain business is a perfect fit for us and furthers our strategic goal of establishing ourselves as leader in the Canadian frozen pizza market and therewith strengthening our position in this market as well as expanding our position in the northeast of the U.S."
McCain will retain its pizza pockets business in Canada as well as its pizza businesses outside of North America.
