Sale is last chance for Greencore to go global

GREENCORE’S success in selling off its malt business last week is a step in the right direction for a group with ambitions to hone itself into an international convenience food group.

Management has achieved this sale at a time when the sector is on its knees and when production at its Athy plant could be reduced to 60% of capacity this year.

French group Axereal has agreed a price of €116.25 million. Due to the size of the disposal relative to the group, completion is conditional on approval by Greencore shareholders at an EGM. Doubtless the IFA will have questions to ask at that meeting.