Intention To Sell Greencore C

RNS Number : 3980P

Greencore Group PLC

15 July 2010

 



GREENCORE GROUP PLC

CONTACT:     MR. C.O'LEARY                                           TELEPHONE:    [phone]

                                                                                                             FAX:    [phone]

GREENCORE GROUP PLC - ANNOUNCES INTENTION TO SELL GREENCORE Continental

Greencore Group plc ("Greencore" or "the Group") today announces its intention to sell its Dutch based convenience foods business ("Greencore Continental") to Convenience Foods Europe B.V. ("Buyer"), a subsidiary of Parcom Buy Out Fund IV B.V. ("the Disposal").  

Greencore Continental is a supplier of sandwiches, chilled pizzas and chilled sauces to customers based in Continental Europe. It operates from two facilities located at Liessel and Alphen in The Netherlands.  The turnover of Greencore Continental was €58.2m for the year ended 25 September 2009 and the net assets of the business were €12.7 million as at that year end date.

The Disposal requires prior consultation with the relevant Works Councils as well as regulatory approval from the Netherlands Competition Authority. Completion of the Disposal is expected to occur on or before 30 August 2010.  The proceeds from the Disposal will be used to reduce Group net debt. 

Commenting on this potential disposal Patrick Coveney, Chief Executive of the Group said:

"We are pleased to announce this proposed disposal, which, if completed, is in line with our strategy of developing an industry leading position in convenience foods in the United Kingdom supplemented by a growing convenience foods business in the United States."

For further information, please contact:

Imelda Hurley	Managing Director - Finance	Tel: [phone]
Anne-Marie Curran or Myra McAuliffe	Drury Communications	Tel: [phone]
Rob Greening or Lisa Kavanagh	Powerscourt	Tel: [phone]

Greencore Group

§ A leading international producer of convenience food

§ Strong market leadership positions in the UK convenience food market across sandwiches, chilled prepared meals, chilled soups and sauces, ambient sauces & pickles, cakes & desserts and Yorkshire puddings

§ Extending presence outside the UK with fast-growing convenience food businesses in the US and Ireland

Parcom

§ Parcom Capital is a pan-European investment firm, with offices in Amsterdam, Paris and Munich, that invests in mid-market private equity situations.

C O'LEARY

GROUP COMPANY SECRETARY

GREENCORE GROUP PLC

NO.2 NORTHWOOD AVENUE

SANTRY

DUBLIN 9

                                                                                                                   15^th July, 2010

 

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