Northern Foods and Greencore plan merger

first_img whatsapp John Dunne whatsapp Tags: NULL Wednesday 17 November 2010 3:11 am Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Show Comments ▼ Northern Foods and Greencore plan merger Food manufacturer Northern Foods has agreed to merge with Ireland’s Greencore Group to create a combined group with annual sales of around £1.7bn.The deal will see the creation of a combined business to be named Essenta Foods which will be headquartered in Dublin, the companies said in a joint statement.Northern Foods shareholders will receive 0.4479 of a new Greencore share for each Northern Foods share they hold. Greencore and Northern Foods shareholders will hold about 50 per cent of the combined group.The companies are targeting cost savings of about £40m per annum to be realised within three years from the merger, which they expect will complete during the second quarter of 2011.“The proposed merger is a great opportunity to develop fully the potential of both companies,” Northern Foods chairman Anthony Hobson said.Northern Foods makes own-label products for retailers as diverse as premium food seller Marks & Spencer and discounter Aldi. Its brands include Goodfella’s Pizza and Fox’s biscuits. Greencore is one of Britain’s biggest sandwich and ready- meals-makers. last_img

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