Premier Foods Approached About Sale of Canning Operations
November 17
13:11
2010
Premier Foods, the UK’s largest domestic food processor, has confirmed that it has received approaches regarding a possible sale of its East Anglian canning operations. Since its £1.2b acquisition of RHM in February 2007 shortly after its £480m purchase of Campbell Soup’s British and Irish operations, Premier Foods has struggled with its billion-pound debt mountain. It is currently trying to sell its meat-free business, based on the Quorn brand, to reduce debt.
The board of Premier Foods remains open minded about disposals, provided they deliver shareholder value and accelerate the reduction of average net debt/EBITDA. Further announcements will be made as and when appropriate.
