Nutreco sells Pingo Poultry to Plukon Royale

by 5m Editor
27 June 2005, at 12:00am

THE NETHERLANDS - Dutch food company Nutreco Holding and Plukon Royale, part of Royal Cebeco Group, announced today (Monday) that they have reached agreement in principle on the sale of Nutreco’s Pingo Poultry processing businesses to Plukon Royale. The fixed selling price is €31m (US$37.7m), which is €11m below book-value. In addition to this selling price, the parties have agreed an earn-out over the coming three years. Pingo Poultry specialises in fresh pre-packed products for retail customers and fresh and frozen poultry meat for the food industry. In 2004 its processing revenues totalled €190m. Pingo Poultry has two sites, Goor and Mierlo in the Netherlands and one in Maasmechelen in Belgium, with approximately 1,000 employees between them. The company staff will be transferred to Plukon Royale. Source: Just-food

5m Editor