Nestlé's streamlining of operations is continuing at a steady pace, and the most recent announcement coming out of the Swiss food giant is that it has agreed to sell U.S.-based frozen pasta business, Joseph's Pasta, to private equity firm Brynwood Partners.
"We can confirm the divestiture of Joseph's Pasta," a spokesman for the world's biggest food group said in an emailed statement on Monday without giving out any financial details of the transaction.
Headquartered in Haverhill, MA, Joseph's pasta employs more than 300 people.
Nestle, the maker of KitKat chocolate bars and Maggi soups, said in October it would dispose of underperforming businesses to slim down its sprawling portfolio which spans from baby food to bottled water firms, of which one regional company was also sold in France this week.
The global food company with headquarters in Vevey on lake Geneva has since announced it sold a 10% stake in fragrance and flavor maker Givaudan for over a billion Swiss francs.
Nestle acquired Joseph's Pasta in 2006. It also bought Kraft Food's frozen pizza business in 2010. Nestle's total global sales of frozen and chilled foods amounted to 8.05 billion Swiss francs in 2012.
© 2013 - European Supermarket Magazine by Enda Dowling