Grampian Foods may be up for sale
Grampian Foods, one of Britain's largest food groups
may be up for sale, which could generate a handsome payment of Â£275m (€392m) for
founder and majority shareholder Freddie Duncan.
Grampian, based in Aberdeen, employs around 20,000 people and has recorded
profits of Â£5m (€7m) in the year up to last May. Its operations are mainly based
in Britain and Thailand where it produces over 7,000 tonnes of chicken products
and 5,300 tonnes of pork and pork products per week.
Among the possible buyers are Sadia and PerdigÃ£o,
Brazil's two largest meat processors. The value of the business is set at Â£400m
The company made losses of Â£40m (€57m) between 2005-2006, which were
attributed to rising grain, energy, packaging and transport costs that could not
be passed on to the customers. Eddie Power, group managing director, said that
the turnaround had been achieved by recently winning new business in the chicken
and pork divisions.
Investments Bank JP Morgan Cazenove has been called in to sell the entire
business. Should a single purchaser be difficult to source, Investec has been
asked to divest parts of the operation.
â€¢ Grampian Food Country Group
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