Greencore Group PLC Sale of Molasses Businesses (2255U)
28 July 2020 - 4:00PM
UK Regulatory
TIDMGNC
RNS Number : 2255U
Greencore Group PLC
28 July 2020
28 July 2020
Greencore Group plc
Sale of Molasses Businesses
Greencore Group plc ("Greencore" or "the Group"), a leading
manufacturer of convenience foods in the UK, announces today that
it has entered into a conditional agreement to sell its interests
in its molasses trading businesses to United Molasses Marketing
(Ireland) Limited and United Molasses Marketing Limited.
The core activities of these businesses are importing and
distributing animal feed across the island of Ireland. The Group is
selling its interests for a cash consideration of approximately
GBP15.6m, subject to customary working capital adjustments. The
proceeds will be used to further strengthen the Group's balance
sheet. The Transaction is subject to the approval of relevant
anti-trust authorities.
The sale constitutes a Class 2 transaction for the purposes of
the UK Financial Conduct Authority's Listing Rules.
For further information, please contact:
Patrick Coveney Chief Executive Officer Tel: +353 (0) 1 486
3313
Emma Hynes Chief Financial Officer Tel: +353 (0) 1 486
3307
Jack Gorman Head of Investor Relations Tel: +353 (0) 1 486
3308
About Greencore
Greencore is a leading manufacturer of convenience food in the
UK. It supplies grocery and other retailers including all of the
major UK supermarkets. The Group has strong market positions in a
range of categories including sandwiches, salads, sushi, chilled
snacking, chilled ready meals, chilled soups and sauces, chilled
quiche, ambient sauces and pickles, and frozen Yorkshire
Puddings.
The Group's medium term financial ambitions are for mid
single-digit organic revenue growth, high single-digit Adjusted EPS
growth, the conversion of half of its Adjusted EBITDA to Free Cash
Flow and for mid-teen ROIC.
For further information go to www.greencore.com or follow
Greencore on social media.
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END
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