Farmers protest at Greencore meeting
But he told shareholders at the annual general meeting in Dublin he was unable to give any guarantees this would happen.
Beet growers will have a final decision by early March, he said.
As he spoke, about 200 protesting farmers outside Jurys Doyle Hotel in Ballsbridge cheered when IFA president Padraig Walshe said Greencore chief executive David Dilger had lost all credibility with farmers over the sugar debacle.
Most of the protesting farmers carried placards warning: “Get your hands off our money” in a direct reference to the €145 million compensation being claimed by the company from the EU.
Mr Walshe said farmers were entitled to the money because their livelihoods would be devastated by the ending of the sugar regime.
“By closing Carlow factory prematurely, Greencore damaged Ireland’s position in the EU negotiations.”
Carlow was closed for commercial and not efficiency reasons and the company stood to gain up to €300m from the sale of the 300-acre site, he said.
Inside the meeting the chairman got a hostile reception. Much of the focus was on the Carlow decision and the €145m compensation package.
But Mr Dilger also got some stick, with his salary of nearly e1m last year being derided.
Shareholder Philip Kinnane from the Horse & Jockey in Co Tipperary said “fair play” to any man that can get paid €1m a year for losing nearly €1m a week.
Defending the group during the question and answer session Mr Sullivan stressed Carlow was closed for efficiency reasons.
It was done to create an efficient streamlined industry “with a hope of competing in an increasingly competitive environment.”
“Those efficiencies were delivered,” he said.
Farmer shareholder Martin Healy said of the annual report: “Hans Christian Andersen would be proud of it. ... I look at the board, look at the top table. Do you know what you remind me of? The emperor’s new clothes. Am I the only one that can see through the emperor’s new clothes?”
Mr Healy expressed concern with the group’s performance.
He accused the group of losing €70m last year and of clapping themselves on the back at the same time.
Referring to the €145m compensation package Mr Healy said: “I guarantee ye as sure as I’m standing here, I’m one person that will make sure ye will get very little of that money.”
Mr Sullivan said Greencore paid €211m in 1991 for the sugar business.
“In relation to the restructuring funds (€145m) that you refer to Greencore has a very clear legal entitlement to the funds as laid out in the draft regulations.”
