Greencore Group has announced plans to acquire US-based convenience foods firm Peacock Foods for $747.5 million.
Peacock Foods is described as a 'fast-growing US convenience food manufacturer with strong positions in frozen breakfast sandwiches, kids’ chilled meal kits and salad kits'. It boasts revenues of approximately $1 billion.
Ireland-based Greencore said that the acquisition would enable it to 'transform' its market and channel positioning in the US, and 'create a strong platform for long term profitable growth'.
"“The acquisition of Peacock will transform our US business, strengthen our position in high growth categories, broaden our channel and customer exposure, and add significant scale to our operations," said Greencore chief executive Patrick Coveney.
"We believe Peacock’s success is built on the same fundamental strategy and values that drive Greencore, making products that consumers love, building deep, longstanding relationships with customers, investing in high quality manufacturing capacity, food safety capability and, most importantly, people."
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
