Aryzta the Swiss based specialist bakery business is understood to be close to a deal to sell its Carroll Cuisine unit to a management-led group. The deal is expected to take a number of weeks.
Carrolls, established in 1979, produce a range of cooked hams including a deli and pre-packed range. Carrolls has 150 employees and no job losses are expected. IAWS bought the business from Carrolls in 2004 and then folded it into the food group when it spun out Aryzta. The business is no longer considered core for Aryzta.
The planned management buyout (MBO) of the Tullamore, Co Offaly-headquartered Carroll Cuisine is understood to be a joint venture between global private equity giant Carlyle Group and Irish investment house Cardinal. Backing is to come from the Government’s strategic investment fund. Last year, Carlyle invested in Lily O’Brien chocolates.
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Profits plunge at Beingmate
Profits have plunged at Beingmate, the Chinese infant formula company in which Fonterra is set to take a 20% share. Profits fell 91% to $13.9m (€12.9m) last year. Stricter regulations and the cost of raw materials are likely to blame for the profit drop. It also now looks like Fonterra will have to pay $700m which is $85m more than expected due to a decline in the value of the New Zealand dollar against the yuan.
The offer is due to be finalised over the coming week and Fonterra has said that is looking at the potential partnership as part of a long-term view.
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Aryzta the Swiss based specialist bakery business is understood to be close to a deal to sell its Carroll Cuisine unit to a management-led group. The deal is expected to take a number of weeks.
Carrolls, established in 1979, produce a range of cooked hams including a deli and pre-packed range. Carrolls has 150 employees and no job losses are expected. IAWS bought the business from Carrolls in 2004 and then folded it into the food group when it spun out Aryzta. The business is no longer considered core for Aryzta.
The planned management buyout (MBO) of the Tullamore, Co Offaly-headquartered Carroll Cuisine is understood to be a joint venture between global private equity giant Carlyle Group and Irish investment house Cardinal. Backing is to come from the Government’s strategic investment fund. Last year, Carlyle invested in Lily O’Brien chocolates.
Profits plunge at Beingmate
Profits have plunged at Beingmate, the Chinese infant formula company in which Fonterra is set to take a 20% share. Profits fell 91% to $13.9m (€12.9m) last year. Stricter regulations and the cost of raw materials are likely to blame for the profit drop. It also now looks like Fonterra will have to pay $700m which is $85m more than expected due to a decline in the value of the New Zealand dollar against the yuan.
The offer is due to be finalised over the coming week and Fonterra has said that is looking at the potential partnership as part of a long-term view.
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