Statement regarding Water business


 

TIDMGNC 
 
RNS Number : 7636C 
Greencore Group PLC 
19 November 2009 
 
 
 
GREENCORE GROUP PLC 
 
CONTACT:    MS. C.M. BERGIN    TELEPHONE: +353 1 605 1004 
    FAX: +353 1 605 1084 
 
 
 
 
GREENCORE GROUP PLC ("GREENCORE") - DISPOSAL OF BOTTLED WATER BUSINESS 
 
 
Greencore Group plc ("Greencore" or "the Group") today announces that it has 
agreed to sell its bottled water business ("Greencore Water") to Highland Spring 
Limited ("Highland Spring") (the "Disposal"). 
 
 
Greencore Water is a supplier of customer branded water in the UK, operating 
from two facilities located at Campsie Springs in west Scotland and Blaen Twyni 
in Wales. In the year ended 25 September 2008, Greencore Water generated a loss 
before taxation of GBP3.8m (EUR4.5m). As at 28 September 2008, Greencore Water's 
net assets were GBP15.9m (EUR20.1m) and gross assets amounted to GBP21.2m 
(EUR26.8m). 
 
 
Under the terms of the agreement, Greencore will receive up to GBP17.5m (EUR19.6m) 
in consideration, GBP10.0m (EUR11.2m) of which is payable upon completion, GBP3.0m 
(EUR3.4m) deferred until the second anniversary of completion and up to GBP4.5m 
(EUR5.0m) contingent upon the future performance of the business. 
 
 
Completion of the Disposal, which will be effected by means of an asset sale and 
the sale of shares in a subsidiary company, is expected to occur on or before 
30th April 2010.The proceeds from the Disposal will be used to reduce Group 
borrowings. 
 
 
 
 
For Further Information, Please Contact 
 
 
+--------------------------+--------------------------+---------------------+ 
| Eoin Tonge               | Group Capital Markets    | Tel: +353 (0) 1 605 | 
|                          | Director                 |                1018 | 
+--------------------------+--------------------------+---------------------+ 
| Billy Murphy or Anne     | Drury Communications     | Tel: +353 (0) 1 260 | 
| Marie Curran             |                          |                5000 | 
+--------------------------+--------------------------+---------------------+ 
| Elizabeth Rous or Rob    | Powerscourt              |    Tel: +44 (0) 207 | 
| Greening                 |                          |            250 1446 | 
+--------------------------+--------------------------+---------------------+ 
 
 
Greencore Group 
 
 
· A leading international producer of convenience food, as well as an 
established ingredients supplier with operations in Ireland, the UK, the US, The 
Netherlands and Belgium 
· Strong market leadership positions in the UK convenience food market across 
sandwiches, chilled prepared meals, chilled soups and sauces, ambient sauces & 
pickles, cakes & desserts, mineral water and Yorkshire puddings 
· Extending presence outside the UK with fast-growing convenience food 
businesses in the US, The Netherlands and Ireland 
· The leading malt producer in Ireland, the UK and Belgium 
 
C.M. BERGIN 
GROUP COMPANY SECRETARY 
 
GREENCORE GROUP PLC 
NO. 2 NORTHWOOD AVENUE 
NORTHWOOD BUSINESS PARK 
SANTRY 
DUBLIN 9 
      19th November, 2009 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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