5th Jul 2006 14:15
C&C Group Plc05 July 2006 Sale of Tayto Crisps Limited Dublin, London, July 5, 2006: C&C Group plc ('C&C' or the 'Group'), a leadingmanufacturer, marketer and distributor of branded beverages in Ireland and theUK, today announced that it has entered into an agreement to sell Tayto CrispsLimited ("Tayto") to Largo Food Exports Limited ("Largo") for a consideration of€62.3 million, payable in cash upon completion. Subject to the receipt ofregulatory consents, completion of the sale is expected to occur before the endof 2006. Tayto is the leading supplier of savoury snacks and crisps in Ireland. Taytowas originally established in 1954 and currently sells two of the top fiveselling Irish crisps brands, Tayto and King, as well as a number of corn andpotato snacks including Tayto Chipsticks, Tayto Snax and Tayto Waffles. For the year ended 28 February 2006, Tayto generated operating profits (beforeexceptional items) of €5.8 million on turnover of €47.3 million. At 28 February2006, the gross assets of Tayto were €46.4 million The proceeds from the sale will be used to pay down debt. Commenting on the sale, Maurice Pratt, Chief Executive of C&C, said: "The Board of C&C is pleased with the agreement reached to sell Tayto to Largo.The price achieved for Tayto recognises the value of its iconic brand positionin the Irish market. Following the sale, the Group will continue to focus onsustainable growth opportunities within its brand portfolio." Investors and analysts Irish Media International MediaMark Kenny or Jonathan Neilan Paddy Hughes or Ann-Marie Curran James LevitonK Capital Source Drury Communications Finsbury GroupTel: +353 1 631 5500 Tel: +353 1 260 5000 Tel: +44 20 7251 3801Email : c&[email protected] Email: [email protected] Email: [email protected] About C&C Group plc C&C Group plc is a leading manufacturer, marketer and distributor of brandedbeverages in Ireland and the UK. C&C manufactures the leading Irish cider brand,Bulmers, and the premium international cider brand, Magners, for export to theUnited Kingdom, the United States and Continental Europe. C&C also exportsspirits and liqueurs, including premium Irish whiskey brand, Tullamore Dew, toover 80 international markets. The Group's portfolio also comprises some of Ireland's leading beverage brandsincluding Club soft drinks and Ballygowan bottled water. C&C also distributeswithin the Irish market several leading international brands, owned by thirdparties, including 7UP and Pepsi soft drinks and a wide portfolio of wines andspirits. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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