Greencore’s boss Patrick Coveney said he expected the firm’s financial performance to improve over the coming year as it focused its attention on ‘food-to-go’ products both in the UK and US.
‘Food-to-go’ now accounts for 50% of Greencore’s UK business and is worth around £500M a year, growing by about 13% in the last quarter of 2013.
Greencore first formed its ‘food-to-go’ business in 2007, following the acquisition of sushi manufacturer Sushi San.
Greencore first entered the convenience foods market when it acquired Hazlewood Foods in 2001 for €443M (£367.5M) with borrowings acquired of €227M (£188.3M).
The Irish business entered more new markets in 2007 when it acquired frozen cakes and desserts business Ministry of Cake and Danone’s mineral water facility for a total cost of £15M.
Greencore entered the US market with its acquisition of Massachusetts-based firm Home Made Foods in 2008. About 20% of its chilled food supplies are now sold through 7-Eleven and Starbucks outlets on the US east coast.
To find out all about these, and other, acqusitions as well as mergers, disposals and management changes at Greencore over the past two decades, enjoy our interactive timeline.
Meanwhile, look out for our exclusive interview with Patrick Coveney in the March edition of Food Manufacture magazine.