Aquires full control of Odlum

RNS Number:1822B
Origin Enterprises Plc
31 July 2007



          Origin Enterprises plc acquires full control of Odlums Group


Origin Enterprises plc ("Origin") announces that it has reached agreement with
Greencore Group plc ("Greencore") to acquire its 50% shareholding in Odlum Group
("Odlums"). Following the acquisition Origin will own 100% of Odlums. The
proposed transaction is conditional upon clearance from the Competition
Authority.

Odlums is Ireland's premier flour milling company operating three mills at
Dublin, Cork and Portarlington, Co.Laois. Odlums owns the leading retail flour
brand in the Irish market. The company also operates a specialist oatmeal
manufacturing facility servicing the Irish retail market under the Odlums brand
and the growing UK and North American markets under the McCanns brand.

The Euro35 million consideration for the 50% stake is being funded from existing
bank facilities. Odlums generated turnover for the year ending 29 September 2006
of Euro75.8m. The company had net assets of Euro15.8m as at 29 September 2006 with net
bank debt at that date of Euro18.6m.

Commenting on the acquisition, Tom O'Mahony, Chief Executive of Origin said:

"Odlums, as Ireland's leading cereal miller, is a strongly positioned brand
focussed business with a unique commitment to customer service and quality. The
acquisition is an excellent fit for Origin complementing our existing ambient
food brands within Shamrock Foods and the raw material sourcing and logistics
capability within R & H Hall. The business comes with the benefit of a
developable property footprint within the recently published Cork South
Docklands Local Area Plan. The acquisition represents the first step in the
strategic development of Origin."

Origin is a leading player in the agri-nutrition sector in Ireland and the
United Kingdom and a leading ambient food sales and marketing company in
Ireland.

Shares in Origin were admitted to trading on the IEX and AIM markets of the
Dublin and London Stock Exchanges on the 5th June 2007.


Ends.                                          Tuesday, 31 July 2007

For further information please contact:

Origin Enterprises plc
Brendan Fitzgerald, Chief Financial Officer    Tel: +353 1 612 1259

Murray Consultants
Joe Murray                                     Tel: +353 1 498 0300
                                               Mobile: +353 86 253 4950


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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