French agri-food company, Fleury Michon, has divested its stake in Spain venture Platos Tradicionales for €68m ($73m). Familia Martínez, Fleury Michon’s partner since 2006 in producing ready meals in Spain, has acquired the operation. The Platos Tradicionales factory in Bunol, near Valencia, with around 700 employees and 15 production lines, was previously operated jointly by both companies.
“With this transaction, Familia Martínez aims to expedite its development strategy, while Fleury Michon seizes the opportunity to focus on its core business,” the company stated. This move will enhance the group’s financial position, accelerate commercial development, support its brands, and invest more in quality and growth initiatives. Platos Tradicionales specializes in producing gratin dishes, roasts, pasta, and more.
In fiscal 2023, Fleury Michon reported a turnover of €836.2m ($895m), up from €794.8m, reflecting positive growth. Operating income also saw an increase from €8.9m to €15.4m, with net income rising from €2.4m in 2022 to €10.3m in 2023. The company, with over 3,500 employees, has been actively restructuring its portfolio with strategic divestments.
Last year, Fleury Michon divested a charcuterie factory in Bretagne due to economic challenges and declining volumes over the past few years. The company also sold Proconi, a ready-meals supplier in Slovenia, in 2022. Eta, another prominent player in the ready-meals market in Slovenia, acquired Proconi and its Pogrej & Pojej brand.
These divestments align with Fleury Michon’s strategic focus on optimizing its operations and strengthening its core business areas. The company remains committed to driving growth, innovation, and quality across its portfolio to meet evolving consumer demands.
