ALBERT FISHER GROUP ANNOUNCES ACQUISITION OF SAUCE MANUFACTURING BUSINESS
ALBERT FISHER GROUP ANNOUNCES ACQUISITION
OF SAUCE MANUFACTURING BUSINESS
BERKSHIRE, England, Dec. 6 /PRNewswire/ -- The Albert Fisher Group PLC today announced that through its subsidiary company, Evedale Foods Limited, it has completed the acquisition of the Hammonds Sauce Business of Dalgety Foods Limited, a specialist table sauce manufacturer for cash consideration of 12.24 million pounds sterling of which 10.74 million pounds has been paid at completion and 1.5 million pounds is payable over the next four years.
Information on Hammonds
Hammonds operates from two locations in Yorkshire and Lancashire. The operation based at Bradford, Yorkshire is involved principally with the manufacture of a range of table sauces, a second factory located in Barrowford, Lancashire produces vinegar for use in the sauce production.
Hammonds formed part of the Homepride division of Dalgety Foods Limited. Its products are sold to the retail grocery trade and also to the catering sector.
The turnover of Hammonds for the year ended June 30, 1991 was 13.075 million pounds.
Reason for the Acquisition
Earlier this year Albert Fisher merged its sauces and dressings businesses, MCC Foods and Beswicks, to form Evedale under a single integrated management team.
The board of Albert Fisher consider the acquisition of Hammonds to be a further important step in improving its position in the sauces market. Evedale expects to improve further its penetration in the sauces market as a result of rationalization benefits and operating efficiencies made possible by this acquisition.
/CONTACT: Tony Millar, 0753-857111, or Richard Portergill, 0753-516051, both of Albert Fisher Group PLC; David Brewerton of Brunswick Group, 071-404-5959; or Fern Lazar or Debra Wasser of Dewe Rogerson, Inc., 212-688-6840, for Albert Fisher Group/ CO: Albert Fisher Group PLC ST: IN: FOD SU: TNM FC-SH -- NY010 -- 0026 12/06/91 10:24 EST