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26 Jan 2011 17:46
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Stock Exchange Announcement
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Fyffes acquires 33.3% of vanWylick
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Fyffes is pleased to announce that, subject to merger control approval from the German Cartel Office, it has acquired 33.3% of Fruchtimport vanWylick GmbH ("van Wylick"), the German fresh produce distributor and service provider. Fyffes expects this transaction to be earnings enhancing in 2011.
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VanWylick is one of the leading fresh produce companies in the German market with sales in excess of β¬200 million. It has a network of banana ripening and distribution centres across Germany and sources produce globally for customers in the wholesale and retail trade. The business will continue to be managed by Dirk Allerding, Jens Allerding and Peter Malsbender. The Allerding family will retain a 33.3% stake in the company.
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The remaining 33.3% was recently acquired by and will continue to be owned by GemΓΌsering Stuttgart GmbH ("GemΓΌsering"), a high quality fresh vegetable producer and marketer supplying high quality fresh vegetables with its own production and processing operations throughout Germany. In 2010, GemΓΌsering's turnover exceeded β¬400 million.
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David McCann, Chairman of Fyffes said:
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"The investment in vanWylick represents an important development for Fyffes in the German market, with a significant opportunity for growth and it represents a continuation of our strategy of acquiring strong businesses in our sector. The association of vanWylick, GemΓΌsering, Weichert and Fyffes in Germany will create new opportunities to provide comprehensive services to the wholesale and retail sector."
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Fyffes plc
26 January 2011
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For further information, please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353 1 669 0030
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