Nestlé said it would sell its US-based frozen pasta business, Joseph’s Pasta, to private equity firm Brynwood Partners as part of a drive to clean up its portfolio.
The global food company said in October it would dispose of underperforming businesses to slim down its sprawling portfolio which spans from bottled water to baby food.
Nestlé acquired Joseph’s Pasta in 2006. It also bought Kraft Food’s frozen pizza business in 2010. Frozen foods are a multi-billion dollar business for Nestlé in the US with its Stouffer’s, Lean Cuisine and Hot Pockets brands. Nestlé’s total global sales of frozen and chilled foods amounted to 8.05 billion Swiss francs ($8.90 billion) in 2012 ($1 = 0.9042 Swiss francs).