Greencore looks to buy
IRISH agribusiness giant Greencore is looking for acquisitions in the malt business.
Greencore is the fifth-largest malt producer in the world and the largest in the UK.
The company believes several other players in the market are losing money and ripe for takeover.
Greencore reported a 17% rise in pre-tax profit to IR£58 million (£52m) for the year to 25 September.
The companys core sugar business suffered from green Pound fluctuations caused by a fall in the mark against the Irish currency.
Sugar sales were down 7% to Ir £147m but profits rose Ir £1.5m to Ir £27.5m.
Greencores agribusiness operation showed a marginal profit increase to Ir £22m thanks to contributions from the acquisition of Pauls Malts and strong milling and baking performances.
- Greencore makes £28.3m offer for Paramount, FWi, 06 August, 1998
- Greencore picks up malt firm, FWi, 09 April 1998
- The Times 04/12/98 page 30 (Business Roundup)
- Financial Times 04/12/98 page 22