US agribusiness giant Bunge announced on 20 December that it had agreed to sell its margarine and mayonnaise assets in Brazil to Brazilian food processing firm Seara Alimentos SA.
“The sale includes three production plants and the brands used for these two products,” Bunge said.
As part of the deal, the companies had negotiated supply, toll manufacturing and brand license agreements.
Other branded products including packaged oils, shortenings and speciality oils would remain in Bunge’s portfolio.
“This transaction further streamlines our operations in Brazil around our core capabilities, while providing good value for a solid business,” said Bunge CEO Greg Heckman. “It also represents another incremental step in executing a key priority of optimising our overall portfolio.”
Bunge said the completion of the sale was subject to regulatory approval.