Ireland’s Greencore sells US unit for US$1bn

By Bruno Reis

The Irish food manufacturer, Greencore, has announced the sale of its US operations for US$1.075bn.

The firm will sell its US business to an affiliate of Hearthside Food Solutions, who made an “unsolicited approach” to acquire the operations in August, according to the firm’s CEO, Patrick Coveney.

The CEO claims that Greencore had no previous intentions to sell the unit, and had even begun to implementing strategy to turn the business around following its 2017 results.

However, Hearthside offered an “incredibly high price for a business of this type” Coveney added, claims the Telegraph.

SEE ALSO:

The FTSE 250-listed company’s US business features customers such as Starbucks and 7-Eleven.

The firm produces food items such as sandwiches, sushi, and salads, and in 2017 it acquired Peacock for $747.5mn, adding frozen breakfast sandwiches and snack kits to its cannon.

“We have always had a firm conviction on the underlying value and growth prospects of our US business and believe that this offer fully reflects that,” Coveny informed Reuters.

“The proposed transaction would enhance our strategic and financial flexibility, which would allow us to build on our industry-leading position in our core UK market whilst also taking advantage of emerging organic and inorganic growth opportunities.”

Share

Featured Articles

Meet the COO: Brook Sims of MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best business books to improve leadership strategy

From strategic guides to inspiring CEO memoirs, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better leader

Shoplazza founder and CEO Jeff Li, ex Baidu, on leadership

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

The office shifts to new way of working – workplace special

Leadership & Strategy

Trailblazer: Clorox's DEI leader Shanique Bonelli-Moore

Sustainability

The inspirational CEO story – Dean Forbes of Forterro

Leadership & Strategy