Greencore to net €35m from Odlums sale

Convenience foods company Greencore has agreed to sell its 50% shareholding in flour and oat miller Odlums to Origin Enterprises for €35m.

The deal is subject to Competition Authority approval.

In addition to the €35m cash deal, Origin will assume the portion of outstanding Odlums' net debt that is attributable to Greencore (about €10m).

When completed, the sale will generate an exceptional profit of approximately €23m for Greencore.

Greencore boss David Dilger said: "The sale of Odlums to Origin comes at a time when Odlums is embarking on a significant capital programme of mill modernisation…The disposal will enable Greencore to further concentrate on its development as a leading international convenience foods group."

Greencore employs more than 9,000 people and operates out of 16 facilities in the UK. Greencore is the leading malt supplier in Ireland, the UK and Belgium and has extensive related property assets in Ireland and the UK.

Odlums is Ireland’s leading miller, operating with three flour mills (in Dublin, Cork and Portarlington, Co Laois) and a specialist oatmeal mill (in Sallins, Co Kildare).