Company headed by Patrick Coveney completes takeover of Illinois food company Peacock Foods in a $750m (€712m) deal. Greencore will produce 1.5bn sandwiches a year.
Greencore issued a market announcement to the Irish Stock Exchange on Friday evening. An agreement between the two companies had been reached in November and received the majority support of its shareholders.
Greencore raised over €520m to help fund the purchase by a share sale.
“Further to its announcement of 14 November 2016, Greencore, a leading international convenience food business, is pleased to announce the completion today of the acquisition of Peacock Foods,” the statement read.
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The deal could quadruple Greencore’s sales in the United States.
In the UK, it already has a 60% share of the sandwich market.
Greencore has an annual turnover of nearly £1.5bn and employs over 12,000 people across 23 sites in the UK and the US. It will take on 4,000 employees from Peacock as part of the deal.
The deal means that Greencore will become the largest sandwich maker in the world, producing 1.5bn sandwiches every year.
Peacock deal completed today - huge milestone in @GreencoreGroup history! Thanks team, shareholders & customers for support; exciting future
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Title: Greencore becomes world’s largest sandwich maker
Company headed by Patrick Coveney completes takeover of Illinois food company Peacock Foods in a $750m (€712m) deal. Greencore will produce 1.5bn sandwiches a year.
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Greencore issued a market announcement to the Irish Stock Exchange on Friday evening. An agreement between the two companies had been reached in November and received the majority support of its shareholders.
Greencore raised over €520m to help fund the purchase by a share sale.
“Further to its announcement of 14 November 2016, Greencore, a leading international convenience food business, is pleased to announce the completion today of the acquisition of Peacock Foods,” the statement read.
The deal could quadruple Greencore’s sales in the United States.
In the UK, it already has a 60% share of the sandwich market.
Greencore has an annual turnover of nearly £1.5bn and employs over 12,000 people across 23 sites in the UK and the US. It will take on 4,000 employees from Peacock as part of the deal.
The deal means that Greencore will become the largest sandwich maker in the world, producing 1.5bn sandwiches every year.
Peacock deal completed today - huge milestone in @GreencoreGroup history! Thanks team, shareholders & customers for support; exciting future
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