Disposal

Greencore Group PLC 1 October 2001 GREENCORE GROUP PLC CONTACT: MR. B.J. POWER TELEPHONE 353 1 605 1029 FAX 353 1 605 1104 Greencore Group disposes of five further companies for Eur 58m. Proceeds to date from disposal programme of Eur 98m. Greencore Group plc ('Greencore') to-day announces the sale of five further companies for Eur 58m as part of the disposal programme undertaken following its acquisition in January 2001 of Hazlewood Foods plc ('Hazlewood'). The five companies sold were: - Hazlewood Convenience Foods Tilburg B.V., a Dutch frozen meat snack business which trades as Ad van Geloven, to Gilde Participaties, a Dutch venture capitalist. The consideration was Eur 41m. In the year ended 31 March 2001, it made profits before tax of Eur 5.1m on turnover of Eur 40m. The value of net assets at disposal was Eur 41m. - Three related fish processing companies, two in the Netherlands, Gebroeders Sterk B.V. and Diepvries Monnickendam B.V., and one in the U.K., Sterk U.K., which process mainly coated and pre-fried flatfish, to Pieters Group, a Belgian fish group. - Wafel Janssen B.V., a Dutch waffle manufacturer, to Bakkersland Holding, a Dutch baked goods manufacturer. Following the disposal earlier in the year of F.H. Lee, Rowan Foods, and the horticulture businesses, Van Heyningen Brothers and Hectare Agro Industria, and the recent sale of James Daly and surplus properties in the U.K. and Ireland, Greencore has to date raised Eur 98m from asset disposals following its acquisition of Hazlewood. The proceeds have been employed by Greencore to reduce the indebtedness it incurred to acquire Hazlewood. Commenting on the disposals, Greencore Chief Executive, David Dilger, said ' These transactions improve the focus of the Group and represent significant progress in our disposal programme. We have now raised over half of our target proceeds of STG£120m, and remain on track to complete the programme, on schedule, by May 2002'. B.J. POWER DIRECTOR & SECRETARY GREENCORE GROUP PLC, ST. STEPHEN'S GREEN HOUSE, EARLFORT TERRACE, DUBLIN 2. 1st October, 2001.
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