Printer Friendly

Greencore acquires UK ready meal business ICL.

M2 EQUITYBITES-August 23, 2012-Greencore acquires UK ready meal business ICL(C)2012 M2 COMMUNICATIONS http://www.m2.com

Convenience food maker Greencore Group plc (LSE:GNC) has take over International Cuisine Limited (ICL), an own-label chilled ready meal business, the company announced today.

The business was acquired from the Hain Daniels Group in the UK for an undisclosed sum.

ICL has a ready meal facility in Consett, County Durham, and the majority of its revenue (approximately GBP45m) is derived from several existing Greencore ready meal customers. The gross assets acquired amount to GBP16.7m.

Greencore said that it will fund the transaction from existing debt facilities and it will have a minimal impact on the company's leverage.

(USD1=GBP0.63)

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2012 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Date:Aug 23, 2012
Words:131
Previous Article:Tower finalises USD75m investment in Canopius Group Ltd.
Next Article:JD Sports to sell rugby brand Canterbury.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters