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| Sarson's vinegar sold to Japan's Mizkan | Sarson's vinegar sold to Japan's Mizkan |
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| Sarson's vinegar has been sold to a Japanese business in the second major deal involving a British food brand and an Asian buyer in just over a month. | Sarson's vinegar has been sold to a Japanese business in the second major deal involving a British food brand and an Asian buyer in just over a month. |
| Premier Foods said it had agreed to sell its Sarson's, Haywards pickled onion and Dufrais vinegar brands to Mizkan Group – a 200-year-old vinegar manufacturer – for £41m as part of a streamlining programme that will see it focus on eight "power brands" including Hovis, Oxo and Mr Kipling. | Premier Foods said it had agreed to sell its Sarson's, Haywards pickled onion and Dufrais vinegar brands to Mizkan Group – a 200-year-old vinegar manufacturer – for £41m as part of a streamlining programme that will see it focus on eight "power brands" including Hovis, Oxo and Mr Kipling. |
| Last month a Chinese state-owned business bought a majority stake in Weetabix for £720m, with a view to introducing a pillar of the British breakfast establishment to Asian homes. Given Mizkan's plethora of homegrown products, Sarson's is not expected to be a bridgehead for a vinegar export drive but it will still be firmly linked with another British food staple – Premier estimates that nine out of 10 portions of chips are sold with a dash of Sarson's. | Last month a Chinese state-owned business bought a majority stake in Weetabix for £720m, with a view to introducing a pillar of the British breakfast establishment to Asian homes. Given Mizkan's plethora of homegrown products, Sarson's is not expected to be a bridgehead for a vinegar export drive but it will still be firmly linked with another British food staple – Premier estimates that nine out of 10 portions of chips are sold with a dash of Sarson's. |
| Mizkan's chief executive, Kazuhide Matazaemon Nakano VIII, indicated on Friday morning that his company's ambitions for Sarson's were largely domestic. He said: "We are excited to acquire two strong and iconic brands that have such a deep heritage in the UK. Sarson's and Haywards are beloved by consumers and we look forward to investing in the brands and adding to their legacy. They fit well with our global portfolio, are an excellent strategic fit and provide a solid foundation for growth in the UK." | Mizkan's chief executive, Kazuhide Matazaemon Nakano VIII, indicated on Friday morning that his company's ambitions for Sarson's were largely domestic. He said: "We are excited to acquire two strong and iconic brands that have such a deep heritage in the UK. Sarson's and Haywards are beloved by consumers and we look forward to investing in the brands and adding to their legacy. They fit well with our global portfolio, are an excellent strategic fit and provide a solid foundation for growth in the UK." |
| Of the other brands being acquired by Mizkan, Haywards pickles are bought by 2.5m households a year and Dufrais makes speciality vinegars for cooking, including vintage cider and cabernet sauvignon flavours. The brands are predominantly made at Premier's Middleton factory near Manchester and Premier said it expected all staff to transfer to Mizkan. | Of the other brands being acquired by Mizkan, Haywards pickles are bought by 2.5m households a year and Dufrais makes speciality vinegars for cooking, including vintage cider and cabernet sauvignon flavours. The brands are predominantly made at Premier's Middleton factory near Manchester and Premier said it expected all staff to transfer to Mizkan. |
| More Premier brands could find foreign owners this year – the company is also selling Robertson's marmalade, Angel Delight and Bird's custard. | |
| Michael Clarke, Premier's chief executive, said: "This agreement represents another important step in our strategy to focus on our power brands. I'm delighted that we have found a buyer such as Mizkan. Our vinegars and sour pickles business and employees will greatly benefit from being part of a global player focused on vinegar and liquid condiments." | Michael Clarke, Premier's chief executive, said: "This agreement represents another important step in our strategy to focus on our power brands. I'm delighted that we have found a buyer such as Mizkan. Our vinegars and sour pickles business and employees will greatly benefit from being part of a global player focused on vinegar and liquid condiments." |
| Clarke joined Premier last year from the European operations of Kraft, the US food company and owner of Cadbury. He has put around 50 brands up for sale in a bid to whittle down debts built up by a decade-long buying spree. Premier hopes to raise a further £300m this year, including the Mizkan proceeds, with Hartley's jams also thought to be up for grabs. Last year Premier sold the meat-substitute brand Quorn, its Irish brands and its canned and chilled ready meals divisions for a total of £400m. | Clarke joined Premier last year from the European operations of Kraft, the US food company and owner of Cadbury. He has put around 50 brands up for sale in a bid to whittle down debts built up by a decade-long buying spree. Premier hopes to raise a further £300m this year, including the Mizkan proceeds, with Hartley's jams also thought to be up for grabs. Last year Premier sold the meat-substitute brand Quorn, its Irish brands and its canned and chilled ready meals divisions for a total of £400m. |