Wednesday November 25, 2020

Greencore shares slump on US sale news

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

15th October, 2018
Patrick Coveney, chief executive of Greencore

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.

A profit warning in March, which was mainly linked to the cost of restructuring the US operations, sent the company’s shares tumbling as...

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