MARKET REPORT: Convenience food firm Greencore soars after revealing plan to buy US frozen sandwich maker
Convenience food business Greencore soared as it revealed plans to buy US group Peacock Foods.
Peacock makes frozen breakfast sandwiches and meal kits for kids in the US, generating around £800million in revenue a year.
Greencore, which makes sandwiches, soups and desserts, will pay £594.3million for the company. Chief executive Patrick Coveney said the acquisition would transform the firm's US business.
He said the two businesses had the same strategy and values of 'making products that consumers love'.
Analysts at Jefferies said the move could quadruple Greencore's US sales.
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