Embattled Freedom Foods (ASX:FNP) sells business segment

The Freedom Foods Group Ltd (ASX: FNP) share price won’t be going anywhere today, despite the company announcing it’s offloading its cereal and snacks business. Freedom Foods shares have remained suspended from trading on the ASX since 25 June this year.

The Freedom Food share price last closed at $3.01.

What did Freedom Foods announce?

Freedom Foods has today announced the sale of its cereal and snacks operations to The Arnott’s Group.

According to Freedom Foods, the divestment follows an ongoing program to create a leaner and simpler business model. The company is seeking to cut its product range in order to improve profitability, while focusing on growth.

The decision follows a previous announcement on 30 November, in…