Eoin Lowry and Patrick Coveney in conversation at the KPMG Agri Business breakfast meeting
ADVERTISEMENT
The Irish Farmers Journal understands that Greencore has lost a large contract with Starbucks.
Shares in the sandwich maker fell 14% over the past week and it’s thought this may be linked to the loss of the Starbucks contract in the US.
The company was forced to issue a statement, following investor concerns. Greencore said that it was unaware of any developments that would change its outlook.
ADVERTISEMENT
It did, however, note there has been some level of churn in the legacy retail part of the US business.
Specifically, it has decided to refocus its Jacksonville, Florida site on fresh products and will withdraw from current frozen product production on that site.
It said the impact on profitability will be minimal.
The UK-listed company acquired Peacock Foods, a US frozen breakfast sandwich and children’s snacks maker in a deal worth $748m last year. Shares closed on Wednesday at £1.97.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
The Irish Farmers Journal understands that Greencore has lost a large contract with Starbucks.
Shares in the sandwich maker fell 14% over the past week and it’s thought this may be linked to the loss of the Starbucks contract in the US.
The company was forced to issue a statement, following investor concerns. Greencore said that it was unaware of any developments that would change its outlook.
It did, however, note there has been some level of churn in the legacy retail part of the US business.
Specifically, it has decided to refocus its Jacksonville, Florida site on fresh products and will withdraw from current frozen product production on that site.
It said the impact on profitability will be minimal.
The UK-listed company acquired Peacock Foods, a US frozen breakfast sandwich and children’s snacks maker in a deal worth $748m last year. Shares closed on Wednesday at £1.97.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS