US maker of spam luncheon meat Hormel Foods has bought Diamond Crystal Brands a unit of Texas-based Imperial Sugar for about $115m.

DCB packages and sells various sugar, sugar substitute and salt and pepper products, savoury products, drink mixes and dessert mixes to the foodservice and retail marketplace.

Imperial said it would now focus its business activities on marketing sugar products nationwide to industrial customers and retail chains and that proceeds from the sale will be used to reduce debt.