Greencore has acquired UK sandwich producer Oldfields for €17.3m, and has also announced the disposal of two other businesses.
London-based Oldfields provides more than 25 million sandwiches and paninis a year to the UK coffee bar sector. Greencore says Oldfields' new facility in London has 'significant capacity' to cope with expected growth in the business.
Greencore has also sold its UK pizza business to a management team for what was described as 'a nominal consideration', saying it had consistently failed to deliver the performance Greencore demanded. The group will take a €40m hit in its financial results as a result of the sale.
The company has also sold a small food business called Feldhues to a Dutch private investment group for €10m. Feldhues produces deli-style meat products and has operations in Monaghan and Germany.
Greencore shares closed six cent higher at €3.63 in Dublin this evening.
