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Northern Foods to merge with Greencore
by shropshirestar.com - 17/11/2010
"Northern Foods, the company behind Fox’s biscuits and Goodfella’s pizza, has announced plans to merge with the biggest sandwich maker in the UK."
The Leeds-based firm, which also includes Matthew Walker Christmas puddings in its product portfolio, hopes to complete the tie-up with Irish chilled foods firm Greencore by the end of June.
The move will create a new firm called Essenta with combined annual sales of £1.7 billion.
Bringing the two businesses together is expected save £40 million a year in costs, through better buying power, smaller tax bills and cost cutting.
Northern has 14 sites in the UK and employs 9,000 people, while Greencore has around 7,000 staff and 17 manufacturing facilities in the UK, including a large sandwich-making site at Manton Wood, Worksop.
If approved by shareholders, the new company would have all the main supermarkets in the UK as its customers.
Essenta would have a strong position in the growing sandwiches and chilled ready meals markets, which have grown by 9.8% and 7.7% respectively in the past year.
The company said any redundancies were likely to be modest as it hopes to safeguard jobs through the company’s growth prospects.
The merger will see Greencore chief executive Patrick Coveney become chief executive of Essenta while Northern’s chairman Anthony Hobson will take the role of chairman. No announcement has been made about whether there will be a role for Northern’s current chief executive Stefan Barden.
The new company will be based in Dublin with its UK operational centre in Yorkshire.
Read more: http://www.shropshirestar.com/business/city-news/2010/11/17/food-firm-annou nces-merger-plan/#ixzz15WzruLil
More Details: http://www.shropshirestar.com/business/city-news/2010/11/17/food-firm-announces-merger-plan/
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