Greencore Group PLC Strategic investments in Greencore USA (8532A)
25 2월 2014 - 9:00PM
UK Regulatory
TIDMGNC
RNS Number : 8532A
Greencore Group PLC
25 February 2014
25 February 2014
Greencore Group plc - Strategic investments in Greencore USA
Acquisition of Lettieri's, LLC
Greencore Group plc ("Greencore", the "Group") today announces
that it has acquired Lettieri's, LLC ("Lettieri's").
Lettieri's is a leading manufacturer of food to go products for
the US convenience store channel. It operates from a modern,
purpose-built facility in Shakopee, Minnesota and employs
approximately 130 staff. For the year ended March 2013, it
generated revenue of $36.4m (GBP21.9m) and attributable EBITDA of
$4.7m (GBP2.8m). The transaction will be funded from existing debt
facilities and is expected to be modestly earnings accretive in the
current financial year.
Lettieri's products are manufactured frozen but served hot via
roller grills and heated cabinets. They form a primary component of
the food to go offering in convenience stores, alongside chilled
food to go items such as fresh sandwiches. The product range
includes assembled products (e.g. breakfast sandwiches), extruded
products (e.g. stuffed baguettes and breadsticks) and enrobed
products (e.g. wrap dogs) for the roller grill.
Investment in Jacksonville
Greencore also confirms that it is investing approximately
$10.0m (GBP6.0m) in its Jacksonville, Florida facility in order to
create the capability to manufacture frozen food to go products.
The investment will provide capacity to support up to $100m
(GBP60m) of revenue in products designed for hot eating at both the
breakfast and lunchtime occasions. The Group anticipates that the
first such products will come to market in the final quarter of
FY14.
Commenting on these investments, Patrick Coveney, Chief
Executive Officer of Greencore, said:
"We have been working since 2011 to build a focused, growing,
food to go business in the US. Today's announcement represents an
important further step on that journey. Both the Lettieri's
acquisition and the capital investment into Jacksonville deepen our
manufacturing capability and widen our product range to more fully
serve the food to go needs of our customers in the small store
channels. Both investments are consistent with our long-term
approach of developing high quality manufacturing facilities to
meet the specific growth strategies of our key US customers."
For further information:
Alan Williams Chief Financial Tel: + 353 1
Officer 605 1045
---------------- ---------------- -------------
Rob Greening or Powerscourt Tel: + 44 20
Lisa Kavanagh 7250 1446
---------------- ---------------- -------------
Notes to Editors
1) Lettieri's operates from a modern, purpose-built facility in
Shakopee, Minnesota and employs approximately 130 staff
2) US dollar values have been converted to GBP using an exchange rate of 1.66
3) Historical financial information for Lettieri's is extracted
from unaudited management accounts
4) This announcement contains certain forward looking statements
with respect to the financial conditions, results of operations and
businesses of the Group. These statements involve risk and
uncertainty because they relate to events and depend upon
circumstances that will occur in the future. There are a number of
factors that could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements. Nothing in this announcement should be construed as a
profit forecast.
About Greencore:
-- A leading manufacturer of convenience food in the UK and the US
-- Strong market positions in the UK convenience food market
across food to go, chilled prepared meals, chilled soups and
sauces, ambient sauces & pickles, cakes & desserts and
Yorkshire puddings
-- A fast growing food to go business in the US, serving both
the convenience and small store channel and the grocery channel
This information is provided by RNS
The company news service from the London Stock Exchange
END
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