Marel To Sell Stork Food & Dairy Business
Marel, a global provider of advanced equipment, systems and services to the fish, meat and poultry industries, has reached an agreement with the Dutch investor Nimbus on the sale of the food & dairy systems division of Stork Food Systems. The deal excludes the unit's operations in Spain.
The company said that the sale of food & dairy systems, a non-core operating unit, is part of its strategy to focus on the profitability and organic growth of its core business, centring on the fish, meat, poultry and further processing segments of the food processing industry.
The business of Stork food & dairy systems has its major focus on the development, production and supply of processing and filling lines for dairy, juice, and liquid food products. In 2009, the unit, excluding its operations in Spain, accounted for 11% of the company's revenues.
According to Marel, the assets sold are impaired, leading to a loss of EUR16.4m, mainly due to the write off of goodwill and revalued assets, which has been included in the 2009 accounts.
Theo Hoen, CEO of Marel, said: “Marel’s strategy since the merger with Stork Food Systems in May 2008 has been to increase the focus on the company’s core business. The operations of Stork Food & Dairy Systems fall outside that framework and the unit has therefore been defined as a non-core business.
“Stork Food & Dairy Systems has gone through a successful process of refocusing and renewal of its product portfolio, thanks to the efforts of its employees and skilled management team. We are convinced that the company will prosper under Nimbus’ ownership.”
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