Finland-based food group HKScan has struck a deal to sell its 49% stake in Swedish meat firm Nyhléns & Hugosons Chark.
Alviksgården Lantbruks, a Swedish meat processor, will pay HKScan EUR2.2m (US$3m) in cash for HKScan’s holding in Nyhléns & Hugosons Chark.
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The transaction will result in an asset impairment charge for HKScan of EUR2.1m, which it will report as a one-off cost falling in the fourth quarter of 2013.
The move comes as part of HKScan’s turnaround process, which has seen it reorganise corporate functions and reduce complexity to strip out costs, while focusing its efforts on its leading regional brands. In Sweden, HKScan said it aims to “streamline” its business structure to reduce costs and concentrate its resources behind its leading Scan and Pärsons brands.
Nyhléns & Hugosons Chark generates sales of SEK500m (US$77.2m) and has four plants in Sweden.
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