Greencore Group plc (“Greencore” or “the Group”), a leading manufacturer of convenience foods in the UK, announces today that it has entered into a conditional agreement to sell its interests in its molasses trading businesses[1] to United Molasses Marketing (Ireland) Limited and United Molasses Marketing Limited.
The core activities of these businesses are importing and distributing animal feed across the island of Ireland[2]. The Group is selling its interests for a cash consideration of approximately £15.6m, subject to customary working capital adjustments. The proceeds will be used to further strengthen the Group’s balance sheet. The Transaction is subject to the approval of relevant anti-trust authorities.
The sale constitutes a Class 2 transaction for the purposes of the UK Financial Conduct Authority’s Listing Rules.
