GNC Greencore Group Plc

RNS Number:1863B
Greencore Group PLC
31 July 2007




               Greencore disposes of its interest in Odlum Group



Dublin and London, Tuesday 31st July 2007:

Greencore Group plc ("Greencore" or the "Group"), a leading European convenience
foods company, today announced that it has entered into an agreement to sell its
50 per cent shareholding in Odlum Group ("Odlums"), the Irish flour and oat
miller, to Origin Enterprises plc ("Origin").

The deal is subject to Competition Authority approval.  Upon completion of the
sale Greencore will receive a cash payment of Euro35 million from Origin.  In
addition, Origin will assume the portion of outstanding Odlums' net debt that is
currently attributable to Greencore (approximately Euro10 million).  When
completed, the sale will generate an exceptional profit of approximately Euro23
million for the Group.

Commenting on the sale David Dilger, chief executive of Greencore said:  "We are
delighted that Origin has agreed to buy our stake in Odlums.  The sale of Odlums
to Origin comes at a time when Odlums is embarking on a significant capital
programme of mill modernisation.  The price achieved equates to an excellent
EBITDA multiple for a business of this nature and represents an exceptional
result for our shareholders. The disposal will enable Greencore to further
concentrate on its development as a leading international convenience foods
group."


Editor's Notes

1. Greencore Group plc is a leading European manufacturer and supplier of
convenience foods.  Greencore employs over 9,000 people and operates out of 16
state-of-the-art facilities in the UK.  The Group's customers include most of
the major UK retailing groups, a number of retailing groups in Continental
Europe and   manufacturing and food service customers across Europe.  In
addition, Greencore is the leading malt supplier in Ireland, the UK and Belgium
and has extensive related property assets in Ireland and the UK.

2. Odlums is Ireland's leading miller, operating with three flour mills (in
Dublin, Cork and Portarlington, Co. Laois) and a specialist oatmeal mill (in
Sallins, Co. Kildare).



For further information, please contact:



Greencore
 Patrick Coveney         Chief Financial Officer       Tel: +353 1 605 1018
 Eoin Tonge              Capital Markets Director      Tel: +353 1 605 1036

Drury Communications
 Ann-Marie Curran                                      Tel: +353 (0)1 260 5000

Powerscourt
 Rory Godson/ Elizabeth Rous                           Tel: +44 (0)20 7250 1446




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