Hilton Food Group PLC (HFG.L) announced on Monday that it has sold Fairfax Meadow Europe Limited to Sysco GB Ltd. for approximately 54 million pounds.
The deal, which is expected to be earnings dilutive, includes a three-year supply agreement with Hilton Food Solutions to maintain the supply of meat products to Fairfax Meadow.
The sale of Fairfax Meadow is part of the Group's ongoing review and helps the business focus on its core strengths.
"At Hilton Foods, our objective is clear, to build on the strengths that have long defined our business. By refining our portfolio and focusing resources where our global expertise and strong customer partnerships create the greatest opportunities, we are reinforcing the platform for sustained growth and delivering attractive long-term returns," said Steve Murrells, CEO of Hilton Foods.
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