Acquisition of Milk Link's fresh liquid milk business.The Board of Robert Wiseman Dairies Robert Wiseman Dairies is a large Scottish milk supplier and ditributor. They are now one of the largest dairy businesses in Great Britain. The company was founded in 1947 using a horse and cart for doorstep deliveries. PLC (Wiseman) is pleased to note the announcement by the Office of Fair Trading The Office of Fair Trading or OFT is a non-ministerial government department of the United Kingdom, established by the Fair Trading Act 1973, which enforces both consumer protection and competition law, acting as the UK's economic regulator. not to refer the proposed purchase of the fresh liquid milk business of Milk Link Limited (Milk Link), comprising Peninsula A peninsula is a piece of land that is bordered on three sides by water. A peninsula can also be a headland, cape, island promontory, bill, point, or spit.[1] Europe
Wiseman and Milk Link will now proceed to formally conclude the acquisition with completion of this process anticipated to have been on the 26th August 2006. The total cost of the acquisition is expected to be 5.5 million [pounds sterling], to be settled in cash, subject to an assessment of the volume of milk transferring and net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. at the completion of the transaction. Robert Wiseman, Chief Executive of Robert Wiseman Dairies said: "With the completion of this acquisition in the South West, we have the capability to serve the market across the UK mainland, from Cornwall to Caithness. We remain focused on efficiency and the need to minimise food miles "Food miles" is a term which refers to the distance food travels from the time of its production until it reaches the consumer or end-user. It is one dimension used in assessing the environmental impact of food. and this acquisition complements our plans to open a new dairy in Bridgwater, Somerset in autumn 2007. We will work hard to serve our new customers in the South West, and to grow the business." Contact Robert Wiseman Dairies plc on tel: 01355 244261 or visit www.wiseman-dairies.co.uk |
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