P.M. Briefing : Nabisco to Sell Chun King Division
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ATLANTA — RJR Nabisco Inc. said today it will sell its Chun King food division for $52 million to a group of investors from Singapore.
The sale is part of Nabisco’s continuing effort to reduce debt from its $24.5-billion buyout by Kohlberg Kravis Roberts & Co.
RJR Chairman Louis V. Gerstner Jr. said the agreement was reached with Yeo Hiap Seng Limited and Fullerton Holdings Pte. Ltd., a subsidiary of Temasek Holdings Pte. Ltd.
The consumer products giant agreed to sell the Chun King trademark, under which its line of shelf-stable Oriental food products is marketed, as well as sauce manufacturing equipment in St. Therese, in the Canadian province of Quebec, and production facilities in Cambridge, Md., and the province of Ontario, Canada.
The sale is pending approval of the Federal Trade Commission.
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