Fleury Michon is selling off another asset as the French food group lets go of its “meal trays” business in Ile de France.
The publicly-listed cooked and processed-meats business said the disposal, to the locally-based Japanese street-food producing company Kumo, includes manufacturing and marketing operations conducted at the site.
“This transaction marks Fleury Michon’s desire to focus its development on its core business in supermarkets and on the development of airline catering activities, in accordance with its strategy deployed since 2021,” the supplier of own branded charcuterie, ready meals and appetisers said in a statement.
Fleury Michon did not reveal the financial terms of the transaction with Kumo but said the divested assets “represented” a turnover of €13m ($13.7m), or less than 2% of the group’s turnover, with a “negative operating result”.
Turnover across the group in the 2023 financial year was €836.2m, up 5.2% on the corresponding 12 months.
Operating profit was relatively flat at €15.4m versus €15m a year earlier, while net profit climbed to €10.3m from €2.4m.
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The company said the asset disposal, which is expected to completed by the end of the year, will have a “negative impact” on its bottom line of approximately €3.5m.
Kumo did not reply to a request for comment.
Fleury Michon, which also supplies a range of Asian-style surimi products, exited another venture in Spain during the summer. It sold its entire stake in Platos Tradicionales, with which it jointly operated a ready-meals factory in Bunol near Valencia, to its venture partner Familia Martínez for €68m.
In 2023, the French group also offloaded a charcuterie factory in Plélan, Bretagne, producing ready-to-eat charcuterie and pâté.
The previous year, Fleury Michon disposed of its Proconi ready-meals business in Slovenia to local peer Eta.
