Hilton Food sells meat supplier Fairfax Meadow for PS54 million
Hilton Food Group PLC on Monday said it has sold meat supplier Fairfax Meadow Europe Ltd as it continues to sharpen its focus on its ‘core strengths’.
The Huntingdon, England-based food packaging company said Fairfax has been sold to Sysco GB Ltd for £54 million in cash proceeds. Sysco GB is part of New York-listed food products distributor Sysco Corp. Fairfax provides meat to the foodservice sector.
‘The transaction includes a three-year supply agreement with Hilton Food Solutions, ensuring continuity of supply of the high-quality, internationally sourced meat products that Hilton Food Solutions provides to Fairfax Meadow,’ Hilton Food said.
Hilton Food is in the middle of a ‘project to shape its future strategy and define priorities’, it added.
‘The sale of Fairfax Meadow is as a result of the ongoing evaluation of the group’s activities and represents a further step in aligning the business more closely with its core strengths. Work on this project is progressing well,’ it added.
Hilton Food shares fell 0.2% to 654.00 pence each in London on Monday morning.
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