Food group Greencore has announced plans to sell its Dutch-based convenience foods business Greencore Continental.
It intends to sell the business to Convenience Foods Europe, a subsidiary of European investment firm Parcom Capital. But the deal is subject to talks with the Dutch businesses workers and approval from the country's competition body. Greencore hopes to complete the deal by August 30.
Greencore Continental supplies sandwiches, chilled pizzas and chilled sauces to customers based in Continental Europe. It generated sales of €58.2m for the year ended September 25 2009.
Greencore chief executive Patrick Coveney said the deal, if completed, would be in line with its strategy of developing its convenience foods businesses in the UK and US. The proceeds will be used to reduce the group's debt.
