Greencore shares slump on US sale news

Greencore shares slump on US sale news
Patrick Coveney, chief executive of Greencore

Greencore bought the former Peacock Foods business in late 2016 for almost $750m amid hopes that it could bring its US revenues to $1 billion over five to ten years

Shares in convenience food supplier Greencore fell by almost 9 per cent to 189p in London on Monday after it agreed to sell its troubled US business to US contract food maker Hearthside for $1.1 billion (£817m).

Shareholders will be asked to approve the deal at a special meeting in Dublin on November 7.

Greencore bought the former Peacock Foods business in late 2016 for almost $750m amid hopes that it could bring its US revenues to...

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