Swiss food and beverage group Nestle SA has sold its US-based frozen pasta business as part of a drive to clean up its portfolio. Joseph's Pasta Co. was bought by Connecticut private equity firm Brynwood Partners VII LP.
Reuters, citing an e-mailed statement by Nestle's spokesman, said the company confirms the divestiture of Joseph's Pasta. The world's biggest food group, however, did not give details of the transaction.
Nestle acquired Joseph's Pasta in 2006. The pasta maker is headquartered in Haverhill, Massachusetts and employs more than 300 people, the report said.
Nestle in October said that it would dispose of underperforming businesses to slim down its sprawling portfolio, which spans from bottled water to baby food, the report stated.
Nestle has since announced the disposal of the bulk of its Jenny Craig weight-loss business. It also sold a 10% stake in fragrance and flavor maker Givaudan for over CHF1 billion, Reuters said.
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