McCain Foods, a frozen food company based in Canada, has entered into an agreement to acquire the potato unit of Belgian frozen vegetables producer PinguinLutosa for EUR225m.
The acquisition includes Lutosa's operations in production, marketing and distribution of frozen, chilled and dehydrated potato products, as well as the Lutosa brand.
McCain Continental Europe chief executive officer Jean Bernou said the acquisition is a part of the company's strategy to reinforce its core potato business in Europe.
"The products and brand positioning of Lutosa and McCain are highly complementary. Lutosa will help us to further expand our product offering and cater to a wider range of customers while ensuring continuity in terms of investments and optimal service quality," Bernou added.
PinguinLutosa is involved in three segments: deep-frozen vegetables, potatoes and canned goods. It has 17 production sites in Belgium, France, UK, Poland, Germany and Hungary.
McCain Foods produces frozen food products and is a leading manufacturer of frozen potato specialities. Its products can be found in restaurants and retail stores in over 160 countries around the world.
