Kameda Seika (TYO:2220) will offload US-based Mary's Gone Crackers to ROSSEAU, a subsidiary of Canada's Dare Foods, after converting $60.7 million in loans into equity, according to a Wednesday filing on the Tokyo Stock Exchange.
The Nevada-based snack maker, owned by Kameda since 2012, posted a $22.2 million net loss in 2023. Kameda said the exit allows it to focus on US unit TH Foods, where it sees stronger synergies.
The deal removes Mary's Gone Crackers from Kameda's consolidated results. Terms were undisclosed.
Kameda expects to book extraordinary income from the transaction in the year ending March 2025 and the following quarter.
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