Europe's organic food producer Wessanen (KJWNY.PK) has begun the divestment process of its U.S. subsidiary American Beverage Corp. or ABC. In line with the company's strategy to focus on organic food in Europe with the clear vision to make its organic brands most desired in Europe, Wessanen previously labelled ABC as non-core. The company anticipates the divestment to finalise in the fourth quarter of the year. The process is being managed by Moelis & Co.
The sale proceeds would be mainly used to further grow its European activities, both autonomously and through add-on acquisitions, while maintaining a conservative capital structure. ABC would be reported as 'discontinued operations' as of the second quarter 2012.
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