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(Alliance News) - Greencore Group PLC on Friday said its subsidiary Greencore Advances DAC has agreed to sell Trilby Trading Ltd to KTC (Edibles) Ltd.
The Dublin-based maker of convenience foods said Trilby, a Dublin-based importer and distributor of vegetable oils, will be sold for EUR9.8 million.
As at March 31, Trilby gross assets were EUR23.4 million, and pretax profit for the year ended September 30, 2022 attributable to Greencore's interest was EUR2.9 million.
KTC is a West Midlands, England-based manufacturer of edible oils, a majority owned subsidiary of Endless LLP.
The sale is expected to be completed in September, Greencore said.
Greencore Chief Executive Officer Dalton Philips said: "Trilby is a great business with attractive assets and a fantastic team. However, given our strategic focus on the UK convenience food market, it is no longer a core part of Greencore's plans. As such, we are very pleased to have found such a good home for Trilby's operations and colleagues."
Greencore shares were up 0.5% at 87.55 each in London on Friday midday.
By Sabrina Penty, Alliance News reporter
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