Nordic Business Report-April 12, 2006-Rieber & Son ASA sells sardine brand to Australia's Manassen Foods
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The Norwegian food group Rieber & Son ASA said on Wednesday (12 April) that it has sold its King Oscar sardine brand in Australia and New Zealand to Australian groceries importer and distributor Manassen Foods.
The deal includes a long-term delivery agreement with the King Oscar factory in Poland.
King Oscar sardines holds a leading market position in Australia, representing annual sales of approximately NOK25m.
The value of the deal was not disclosed, but Rieber & Son said that it would book a net profit of NOK36m after compensation payments for early agreement termination to its current distributor.
One Norwegian krone (NOK) is worth approximately 0.08 British pounds (GBP).
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