Finnish food group HKScan has entered a deal to sell its 49% interest in Swedish meat company Nyhlens & Hugosons Chark, according to Just Food.

Under the terms of the agreement, Swedish meat processor Alviksgarden Lantbruks will shell out €2.2 million ($3 million) in cash to acquire HKScan's holding in Nyhlens & Hugosons Chark, the report detailed.

The deal will give way to an asset impairment charge for HKScan amounting to €2.1 million. This amount will be reported as a one-off cost falling for the last quarter of year 2013, the report stated.

The strategic move is part of HKScan's bid to turn the company around. The firm has been reorganizing its corporate functions and cutting complexity to save on costs. At the same time, the food group has been pouring out is efforts on its top regional brands. In Sweden, HKScan said it targets the streamlining of its business structure to decrease costs and concentrate its resources on its Scan and Parsons brands, Just Food explained.