Drinks and snacks group C&C has agreed to sell its Tayto Crisps business for €62.3 million in cash to Largo Food Exports.
Originally established in 1954, Tayto is the leading supplier of savoury snacks and crisps in Ireland. Tayto and currently sells two of the top five selling Irish crisps brands, Tayto and King, as well as a number of corn and potato snacks including Tayto Chipsticks, Tayto Snax and Tayto Waffles.
C&C said the proceeds from the sale will be used to pay down debt.
Commenting on the sale, Maurice Pratt, chief executive of C&C, said the price achieved for Tayto recognises the value of its "iconic brand position" in the Irish market.
Meath based Largo Foods is the largest Irish owned snackfood manufacturer and includes Hunky Dorys, Perri and Sam Spudz among its portfolio of brands.