PinguinLutosa: Sales of Lutosa to McCain completed
McCain Foods and Pinguin NV have completed the sales agreement of the Lutosa division.
The sale includes the Lutosa brand, the complete product range (frozen, fresh, flakes) and the 2 production sites.
Pinguin NV is pleased that this transaction could be finalized. It allows Pinguin NV to fully focus on its current investment strategy based on 2 pillars, more specifically the processing and marketing of vegetables, fruit and ready-to-eat food, either deep-frozen via Pinguin or canned via ScanaNoliko.
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The Lutosa division will contribute to the further growth of McCain as a global player and will complement the positioning of McCain.
Pinguin NV will book on this transaction a profit per share which is estimated on €4.00. This amount can still change in function of the final results until may 2013. The proceeds of this sale will initially be used in order to repay for the most part the existing bank debts, after which a custom financing structure will be set up.
The Board of Directors will propose to the Extraordinary General Assembly to perform a capital reduction of €2.40 per share. In this way Pinguin NV wishes to recognize its shareholders.
