Greencore has announced plans to sell its Dutch convenience foods business Greencore Continental in a bid to reduce net debt and focus on its core UK and US operations.
The business, which supplies sandwiches, chilled pizzas and frozen snacks to customers across Continental Europe, operates from two facilities at Liessel and Alphen in The Netherlands, and turned over €58.2m in the year to September 25, 2009.
The buyer is Convenience Foods Europe, a subsidiary of Parcom Buy Out Fund IV.
The disposal requires prior consultation with the relevant Works Councils as well as regulatory approval from the Dutch competition authority, but should be completed by the end of August, said Greencore chief executive Patrick Coveney.
"We are pleased to announce this proposed disposal, which, if completed, is in line with our strategy of developing an industry leading position in convenience foods in the United Kingdom supplemented by a growing convenience foods business in the United States."