Grand Metropolitan Cooks Up Cake Deal

MINNEAPOLIS —  Grand Metropolitan PLC said it has reached agreement with Dalgety PLC regarding the exchange of its Hammonds Sauce and Greens Cake Mix businesses in return for Dalgety’s Memory Lane Cakes business.

Completion of the agreement is expected in early April, the company said.

Under the agreement, Dalgety will pay Grand Metropolitan a cash adjustment of $4.48 million.

Memory Lane has sales of about $57 million compared to sales of $49 million for the businesses of Greens and Hammonds.

The business will be integrated into Grand Metropolitan Foods Europe, the European food division of Grand Metropolitan Food Sector.