30th Aug 2006 07:00
Fyffes PLC30 August 2006 Stock Exchange Announcement Fyffes acquires remaining 50% of Lembcke Group Fyffes plc, Europe's leading fresh produce company, announces that it hasacquired the remaining 50% of the Brdr. Lembcke A/S ("Lembcke"), the Danishfresh produce company for a consideration of DKK125 million (€16.8 million).Fyffes has also acquired 100% of Interbanan A/S ("Interbanan") and 100% of ValbyBananimport A/S ("Valby") for a total consideration of DKK45 million (€6.0million). Lembcke will continue to be managed by Lars Lembcke, Jens Lembcke and Niels KlemThomsen. Ole Lembcke will be retiring as Chairman of the Board of Lembcke andwill be replaced by Rory Byrne. Commenting on the transaction, Carl McCann, Chairman of Fyffes said: "We are very pleased to have acquired the remaining 50% of Lembcke, having madeour initial investment in 1993. We look forward to the continuing of our longrelationship with the Lembcke family and all the people who operate thisexcellent cost efficient business. We would like to thank Ole Lembcke for hisstrategic leadership of Lembcke and we wish him every success in the future." Mr Lars Lembcke, Managing Director of Lembcke said: "We are pleased to have concluded this transaction with our long term partners,Fyffes. We believe this is an important step in the future development of ourgroup. Lembcke remains committed to providing the best and most efficientservices for our customers and this closer link with Fyffes will enhance ourability to do this." Lembcke is one of Denmark's leading fruit and vegetable distribution companies.Founded in 1923, Lembcke supplies the multiple retail and wholesale sectors inDenmark. Headquartered in Copenhagen, the Group employs more than 245 people. In 2005, Lembcke recorded net profit before tax of DKK43.2 million (€5.8million) in the financial year to 31 December 2005. Gross assets amounted toDKK315.5 million (€42.3 million) and shareholders' funds amounted to DKK164.3million (€22.0 million) at that date. Interbanan and Valby recorded a combined profits before tax of DKK5.0 million(€0.65 million) in the financial year to 31 December 2005. Gross assetsamounted to DKK43.8 million (€5.8 million) and shareholders' funds amounted toDKK15.8 million (€2.1 million) at that date. Fyffes plc 30 August 2006 For further information, please contact: Brian Bell, Wilson Hartnell PR Tel: +353-1-669 0030 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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