Hilton Food Group PLC on Monday said it has sold meat supplier Fairfax Meadow Europe Ltd as it continues to sharpen its focus on its ‘core strengths’.
The Huntingdon, England-based food packaging company said Fairfax has been sold to Sysco GB Ltd for £54 million in cash proceeds. Sysco GB is part of New York-listed food products distributor Sysco Corp. Fairfax provides meat to the foodservice sector.
‘The transaction includes a three-year supply agreement with Hilton Food Solutions, ensuring continuity of supply of the high-quality, internationally sourced meat products that Hilton Food Solutions provides to Fairfax Meadow,’ Hilton Food said.
Hilton Food is in the middle of a ‘project to shape its future strategy and define priorities’, it added.
‘The sale of Fairfax Meadow is as a result of the ongoing evaluation of the group’s activities and represents a further step in aligning the business more closely with its core strengths. Work on this project is progressing well,’ it added.
Hilton Food shares fell 0.2% to 654.00 pence each in London on Monday morning.
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