Groupe DANONE sells its Griffins biscuit and snack business to Pacific Equity
The sale of Griffins is consistent with Groupe DANONE's strategic allocation of capital to targeted higher growth biscuit markets in the Asia Pacific region such as China, India and Indonesia.
31/03/06 Danone Asia Pte Ltd, a subsidiary of Groupe DANONE S.A., has entered into an agreement for the sale of Griffins Foods Limited ("Griffins") to
Pacific Equity Partners Pty Ltd for a total consideration of around NZ$ 385 million (EUR 194 million).
With total sales of NZ$ 176 million (EUR 89 million) in 2005, Griffins is New Zealand's leading biscuit company.
The completion of the transaction is subject to the fulfillment of certain conditions including regulatory approvals.
The sale of Griffins is consistent with Groupe DANONE's strategic allocation of capital to targeted higher growth biscuit markets in the Asia Pacific region such as China, India and Indonesia.
With around EUR 13 billion of total sales in 2005, Groupe DANONE is the world leader in fresh dairy products and bottled water (in volume terms), and n°2 in the biscuit market worldwide. In Asia, Groupe DANONE posted sales of more than EUR 2.2 billion with strong positions in the water market (n° 1 in packaged water in China and Indonesia) and the biscuit market (leader in Malaysia, India and China, n°2 in Indonesia).
