Nestle To Sell 60% Stake In Its Meat Business To Spanish Casa Tarradellas

Swiss concern Nestle SA announced its intention to create a joint venture with the Spanish Casa Tarradellas, selling it a 60% stake in its meat business Herta, according to Nestle’s release.

« Today, Nestle announced that it agreed to sell a 60% stake in Herta to Casa Tarradellas. Nestle and Casa Tarradellas will create a joint venture with 40% and 60%, respectively, » the document says. Closing of the transaction is expected in the first half of 2020.

It is noted that the joint venture will be registered in Spain. Operations will be managed by existing Herta facilities in France, Germany, Belgium and the UK.

Swiss Nestle, founded in 1866, owns more than 400 factories in 83 countries. Casa Tarradellas, founded in 1976, is one of the leading food companies for the production of flour and meat products in Spain. In 2018, the company employed more than 2 thousand people, and sales amounted to €936 million ($1.043 billion).

source: bloomberg.com

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