Nestle bought Scandinavian Source businessFriday, 18 November 2011
Nestle SA (NESN.VX) Friday said it has bought the Oscar stocks and sauces business from Paulig Group for an undisclosed sum.
The purchase of the stocks and sauces business Oscar will boost the presence of Nestlé Professional, the company's out of home food division, in the 'culinary flavours' sector, the company said.
AdvertisementClosing of this agreement is expected to take place by the end of 2011. The price of the deal was not disclosed.
Oscar makes its stocks and sauces at factories in Denmark and Finland, following traditional methods defined by famous French chef and culinary author Auguste Escoffier.
The new acquisition of this premium stocks and sauces operation gives Nestlé Professional an opportunity to expand its out-of-home food business in Denmark and Finland where the Oscar brand is used widely, and further afield, the company said.
"This acquisition positions us as a strong leader in this premium category, complementing the presence of our Chef and Maggi brands," said Marc Caira, Chief Executive Officer for Nestlé Professional.
"Culinary flavour solutions is a growth category, with top level chefs increasingly interested in using manufactured "from scratch" solutions," Caira added.
News source: Dowjones Newswire
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