Irish Food Group Greencore has announced a number of new strategic investments in the US, including the acquisition of Lettieri's, a manufacturer of food-to-go products.
The private label and convenience foods manufacturer did not include any financial details on the deal, but said the acquisition will be funded from existing debt facilities, and it expects the business to modestly boost earnings in the current financial year.
Lettieri's makes and supplies food to various convenience store chains in the US. It operates from a facility in Shakopee, Minnesota just outside Minneapolis. Last year it recorded a turnover of $36.4 million.
Among some of the other investments announced, Greencore said it will invest $10 million at its Jacksonville, Florida facility to create the capability to make frozen ready meals.
Chief executive Patrick Coveney said that "both investments are consistent with our long-term approach of developing high quality manufacturing facilities to meet the specific growth strategies of our key US customers."
© 2014 - European Supermarket Magazine by Enda Dowling
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