Following an agreement to divest its confectionery business to Valeo Foods Ltd. in the run-up to Christmas, Raisio has now confirmed the business has been transferred. Raisio had agreed to sell its candy business to Valeo, wher Raisios sweets business in the UK and the Czech Republic will become part of Valeos business.

And now the transaction has been executed as a share trading and its debt-free purchase price is €100 million (US$120 million). The buyer pays Raisio a purchase price of €77 million (US$92.7 million).

All other conditions for completion of the deal have been fulfilled.

Finland-based Raisio is an international food and feed company focusing on well-being with a core strategy consisting of plant-based, healthy and responsible branded products.

Its divested confectionery business includes six production plants in the UK and Czech Republic, as well as the brands, of which Poppets, Fox’s, XXX, Just and Pedro are the best-known. Furthermore, the business is a significant confectionery producer for its retail and industrial customers.

In January-September 2017, net sales for Raisio’s confectionery business totaled €71.3 million (US$85.8 million) and EBIT was €6.4 million (US$7.7 million).

At the time of the initial announcement last December, Group CEO Pekka Kuusniemi said: “The sale of confectionery business is a major strategic step towards Raisio, a leading pioneering company focusing on healthy foods and responsibly functioning. The funds from the deal, with the already strong balance sheet, enable our large and strategic business acquisitions in our core business.”