Bonduelle, the France-based vegetable products supplier, has increased its stake in Soléal, a local joint venture run with three French agri-food co-ops.
Set up in 2005, Soléal has two sweetcorn and vegetable plants located in south-western France that process vegetables supplied by the co-ops Euralis, Maïsadour and Vivadour.
Go deeper with GlobalData
Grégory Sanson, Bonduelle’s deputy CEO, told just-food the company, which had owned 48% of Soléal, has snapped “most of the shares” held in the venture by the co-ops, giving the group “circa 100%” of the business.
Sanson said the move would “allow the three co-ops to focus on sourcing Soléal” while “Bonduelle will have more autonomy to manage the industrial sites”.
The deal, struck for an undisclosed sum, was announced in a stock-exchange filing on Bonduelle’s annual sales results. In the filing, Bonduelle said the transaction would “strengthen the long-term partnership with growers and increase the competitiveness of the group”.
In the year to 30 June, Bonduelle generated revenue of EUR2.78bn (US$3.12bn), level with 12 months earlier. The 2018 acquisition of Del Monte assets in Canada from Conagra Brands increased revenue by 1.2 percentage points, while Bonduelle got a 0.3 point boost exchange rates.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataLike-for-like sales fell 1.5% amid pressure on the sale of fresh products in the US.
Bonduelle is set to report its full 2018/19 financial results on 30 September.
