Baxters Food acquires Fray Bentos

Scottish food manufacturer Baxters has announced that it has bought the Fray Bentos brand from seafood giant Princes.

Although the financial details of the transaction were not disclosed, the deal is expected to be valued at £30m ($47.39m).

Princes, owned by Japan’s Mitsubishi, acquired Fray Bentos as a part of its £182m ($287.54m) purchase of Premier Foods’ canning division in July, but put up the brand for sale after the Office of Fair Trading voiced competition concerns.

Baxters chairman Audrey Baxter said that Fray Bentos is a heritage brand like Baxters and is known the length and breadth of the country, holding a special place in the hearts of British consumers, both young and old.

"We have many exciting ideas to revitalise the brand as we aim to secure a strong foothold in the canned meat market," Baxter added.

Over the next year, Baxters plans to transfer the production of Fray Bentos from East Anglia, England, to its production plant in Fochabers, Scotland.