C&C Group Plc
05 July 2006
Sale of Tayto Crisps Limited
Dublin, London, July 5, 2006: C&C Group plc ('C&C' or the 'Group'), a leading
manufacturer, marketer and distributor of branded beverages in Ireland and the
UK, today announced that it has entered into an agreement to sell Tayto Crisps
Limited ("Tayto") to Largo Food Exports Limited ("Largo") for a consideration of
€62.3 million, payable in cash upon completion. Subject to the receipt of
regulatory consents, completion of the sale is expected to occur before the end
of 2006.
Tayto is the leading supplier of savoury snacks and crisps in Ireland. Tayto
was originally established in 1954 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.
For the year ended 28 February 2006, Tayto generated operating profits (before
exceptional items) of €5.8 million on turnover of €47.3 million. At 28 February
2006, the gross assets of Tayto were €46.4 million
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 Board of C&C is pleased with the agreement reached to sell Tayto to Largo.
The price achieved for Tayto recognises the value of its iconic brand position
in the Irish market. Following the sale, the Group will continue to focus on
sustainable growth opportunities within its brand portfolio."
Investors and analysts Irish Media International Media
Mark Kenny or Jonathan Neilan Paddy Hughes or Ann-Marie Curran James Leviton
K Capital Source Drury Communications Finsbury Group
Tel: +353 1 631 5500 Tel: +353 1 260 5000 Tel: +44 20 7251 3801
Email : c&cgroup@kcapitalsource.com Email: phughes@drurycom.com Email: james.leviton@finsbury.com
About C&C Group plc
C&C Group plc is a leading manufacturer, marketer and distributor of branded
beverages in Ireland and the UK. C&C manufactures the leading Irish cider brand,
Bulmers, and the premium international cider brand, Magners, for export to the
United Kingdom, the United States and Continental Europe. C&C also exports
spirits and liqueurs, including premium Irish whiskey brand, Tullamore Dew, to
over 80 international markets.
The Group's portfolio also comprises some of Ireland's leading beverage brands
including Club soft drinks and Ballygowan bottled water. C&C also distributes
within the Irish market several leading international brands, owned by third
parties, including 7UP and Pepsi soft drinks and a wide portfolio of wines and
spirits.
This information is provided by RNS
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