Greencore expands US business with acquisition in Minnesota and $10m investment in Florida plantTuesday 25 February 2014 12.20
Greencore has acquired a US-based convenience food company in Minnesota for an undisclosed sum.
Lettieri's makes and supplies food to various convenience store chains in the US. It operates from a facility in Shakopee, Minnesota just outside Minneapolis - the largest city in the Northern US state.
In a statement Greencore said Lettieri's employs 130 staff. In the year to the end of March 2013 it had revenue of $36.4m.
Greencore said the acquisition would be funded from the company's existing debt facilities and that the purchase of Lettieri's would add slightly to Greencore's earnings in its current financial year.
Separately Greencore said it will invest $10m at its Jacksonville, Florida facility to create the capability to make frozen ready meals.
Greencore chief executive Patrick Coveney said the two investments in its US business would add to its scale and ability to produce convenience food products in that market. "Both the Lettieri's acquisition and the capital investment into Jacksonville deepen our manufacturing capability and widen our product range," he said.