French food manufacturer Bonduelle’s yearly profits for the fiscal year 2013-2014 has dropped 70 %, mainly because of the large fine Europe imposed because of price arrangements.
The company said it had an excellent year in 2013-2014 with turnover up 5.5% to 1.92 billion euro, “better than the announced full-year forecast”.
However, because of the European fine, which revolved around price fixing policies of the canned mushrooms produced by the company, Bonduelle’s profit dropped to EUR15.2m.
In spite of this, the company has recently signed a sales agreement with Canadian distribution group Sobeys, to purchase a freezer factory in Lethbridge (West Canada). It can handle 15,000 tonnes of frozen products and the deal should be finalized in November.