April 12, 2019 / 5:25 AM / 10 days ago

Danone sells U.S. organic salad business to Taylor Farms

The logo of French food group Danone is seen at the company's headquarters in Paris, France, December 20, 2017. REUTERS/Charles Platiau

PARIS (Reuters) - French food group Danone said on Friday it had signed a definitive agreement for the sale of Earthbound Farms, its U.S. organic salad business, to California-based Taylor Farms.

Financial terms of the deal were not disclosed.

The sale of Earthbound Farms, which had 2018 sales of about $400 million, is part of Danone’s portfolio management and capital allocation optimization strategy, the company statement said.

Danone Chief Executive Emmanuel Faber said in February the loss-making Earthbound Farms was under “intense strategic scrutiny”.

Reporting by Dominique Vidalon; Editing by Rashmi Aich

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