Dalgety keeps options open on agriculture
DALGETY is selling its ingredients, milling, and US distribution business Martin-Brower. The three businesses are expected to fetch more than £350 million.
Likely bidders include Associated British Foods and the Kerry Group. Dalgety said it plans to concentrate on its pig improvement business and petfoods, it is yet to make a decision on what to do with its other agricultural businesses.
Richard Clothier, chief executive, resigned on Friday by “mutual agreement”, the company said. Dalgety shares have under-performed the market by 30% over the past year and some 65% over the past five years. Ken Hanna, the finance director, replaces Mr Clothier as chief executive.
The company unveiled full-year profits before exceptionals of £66.2m. But it incurred a loss of £71.6m after exceptionals of £137.8m were taken into account, compared with a pre-tax profit of £89.6m the previous year. Sales were down from £4.3bn to £4.1bn.
- Financial Times 16/09/97 page 1, page 24, page 26
- The Guardian 16/09/97 page 17
- The Daily Telegraph 16/09/97 page 23, page 25 (City Comment)
- The Times 16/09/97 page 25, page 27 (Commentary), page 29 (City Diary & Dogs dinner)
- The Independent 16/09/97 page 23, page 25 (Comment), page 27 (People & Business)