Norwegian food company Rieber & Søn's has agreed to sell its non-performing crispy fried onions business based in the Netherlands to local firm Top Taste for an undisclosed amount.
Rieber & Søn's noted that it has recently completed a strategic review of the onion business, Rieber & Søn's Holland, which has been underperforming over the last two years.
The review revealed the business, which has only a minor percentage of branded products, did not fit into the company's strategy of being brand-focused.
Rieber & Søn's said that as a result of the sale, it will incur a loss of approximately euro22m in its fourth quarter 2012 accounts.
Rieber & Søn's, based in Bergen, Norway, is supplies products to grocery stores in the Nordic countries, parts of Central Europe and Russia. In August 2012, Norwegian conglomerate Orkla entered into an agreement to acquire 90.1% stake in Rieber Søn's, in a transaction which valued the entire company at NOK 6.1bn ($1.08bn).
