Suntory to sell Australian instant coffee business

Japanese beverages company Suntory is set to sell off the food and instant coffee segments of its Australian subsidiary, Cerebos. The company has engaged investment bank UBS to sell off its food and instant coffee business in Australia and New Zealand, and its Asian Homer Gourmet unit in Singapore. The move was accompanied by news that Cerebos will hold on to its fresh coffee business, Mocopan, and will focus on capturing a larger share of the Australian market with that brand. Some of the brands set to go as part of the sale will be Saxa salt, Gravox, Fountain sauces and Foster Clark's, among others.