AB Foods Regulatory News (ABF)

14 Sep 2007 09:30

Associated British Foods PLC14 September 2007 Associated British Foods plc Acquisition of a 20% stake in Jordans For immediate release Associated British Foods plc ("ABF"), the international food, ingredients andretail group, has today announced that it has reached agreement with UKbreakfast cereal and cereal bar business, W Jordan & Son (Silo) Limited ("Jordans"), to acquire 20% of its share capital from the founding Jordan family. Jordans is a successful and leading breakfast cereal and cereal bar business inthe UK. It was founded by, and remains under the control of, the Jordan family. The Jordans brand has a strong and differentiated consumer position based onits use of natural and Conservation Grade(R) ingredients. Its products rangefrom breakfast cereals to cereal bars, muesli and oat porridge. The company hasthree manufacturing sites and has its head office in Biggleswade, Bedfordshire.It had sales of £81m for the year ended February 2007 and gross assets of £40mat 28 February 2007. ABF already has extensive interests and expertise in cereal-based branded foodsboth in the UK and internationally. It will be a strong partner to ensure thefurther development of the Jordans business. George Weston, Chief Executive of Associated British Foods, said "This investment is an exciting development for our UK branded grocery business. Jordans is a wonderful brand which is positioned well to benefit from theconsumer's growing desire for natural ingredients and healthy eating. I lookforward to the development of the brand's full potential." For further information please contact: Associated British FoodsJohn Bason, Finance DirectorTel: 020 7399 6500 Citigate Dewe Rogerson:Jonathan Clare/Chris Barrie/Hannah SewardTel: 020 7638 9571 Notes to Editors 1. Associated British Foods is a diversified international food,ingredients and retail group with global sales of £6 billion and 75,000employees. It is listed on the London Stock Exchange with a marketcapitalisation of £6.3 billion. It operates in 46 countries with significantbusinesses outside Europe in Southern Africa, the US, China and Australia. Itsaim is to achieve strong, sustainable leadership positions in markets that offerpotential for profitable growth. It strives to achieve this through acombination of organic growth, the acquisition of complementary businesses andachievement of high levels of operating efficiency. The group has established atrack record of successful value adding acquisitions including a 51% stake inIllovo Sugar, Africa's biggest cane sugar producer with extensive agriculturaland manufacturing operations in six African countries, AB Mauri (its leadinginternational yeast and bakery ingredients business), Littlewoods stores forPrimark and the grocery brands Mazola, Ovaltine and Patak's. 2. The Jordans breakfast cereal business was started by Bill and DavidJordan in 1971 and its philosophy is to provide consumers with healthy, naturalfoods. It has a deep commitment to high quality natural ingredients,specifically Conservation Grade(R) raw materials, underpinned by a strict policyof using ingredients with no artificial colourings, flavourings orpreservatives. Under the Jordans brand name, the business has been verysuccessful and now has a leading position in breakfast cereals and cereal barsin the UK and exports its products to over 17 countries around the world. Theproduct range spans the crunch, crisp, muesli and hot eating segments of themarket. The business is based in Biggleswade, Bedfordshire where it has 350employees. This information is provided by RNS The company news service from the London Stock Exchange