AGA.L Regulatory News (AGA)

7 Sep 2006 07:24

AGA Foodservice Group PLC07 September 2006 7th September 2006 FOR IMMEDIATE RELEASE AGA ACCELERATES FOODSERVICE EXPANSION Aga Foodservice Group ("Aga"), the international cooker and refrigerationoperation, has acquired Amana Commercial Microwaves ("Amana Commercial") fromthe Whirlpool Corporation for $49.25 million (£25.9 million) in cash. Amana Commercial is the international market leader in commercial microwaves. Turnover in 2005 was $43 million (£22.6 million) and operating profits $4.7million (£2.5 million). Amana Commercial is trading well in the current year. Net assets being acquired are $5 million (£2.6 million). Amana Commercial makes microwaves specifically customised for many of theleading US foodservice quick service and casual dining chains. Amana Commercialalso has some of its lines manufactured for it by leading Far East producers. Ithas a strong new product pipeline and is developing a new generation of combinedmicrowaves and convection ovens for the growing accelerated cooking market. Aquarter of Amana Commercial's turnover is outside the USA. Based in the town of Amana, Iowa, its administration and production facilitiesare currently integrated into the Whirlpool domestic refrigeration plant. Underthe agreement Amana Commercial will move to a new site within two years and theWhirlpool manufacturing facility in Amana, Iowa will continue to manufacturemicrowaves for Amana Commercial until the move is complete. The related $4million investment programme will cut operating costs and raise efficiencies. Amana Commercial, taken together with Eloma the German combi-oven maker acquiredin February this year, Stellar Steam acquired last year and the development ofthe Infinity fryer range, adds to our portfolio of prime cooking solutions atthe cutting edge of foodservice technology. William McGrath, Aga's Chief Executive commented: "The Amana Commercialacquisition adds to an already powerful foodservice product portfolio andenhances our links with the leading foodservice groups. 'Quicker, cheaper,healthier' are what matters in foodservice and we have brought together the bestproducts to fulfil these objectives. Our sector is now changing fast and we areright on the pace." (-ENDS-) Notes to Editors: Aga Foodservice is an international cooker and refrigeration operation with therenowned heat storage Aga as its central business. Over half its operations arein consumer markets. It is also the leading European provider of in-storebakery equipment for supermarkets and in the UK, the leading commercial kitchenequipment supplier. In 2005 turnover was £501 million and profit before tax £43million. A member of the FTSE 250, the Group's market capitalisation is over£500 million. The Group's interim results for the 6 months to 30th June 2006will be published on Friday 8th September 2006. For further information seewww.agafoodservice.com and www.amanacommercial.com. Enquiries: William McGrath, Chief Executive, Aga Foodservice Group plc - 0121 711 6015 Simon Sporborg/Nina Coad, Brunswick Group - 020 7404 5959 This information is provided by RNS The company news service from the London Stock Exchange