19th Jan 2007 11:27
Premier Foods plc19 January 2007 PREMIER FOODS PLC ("PREMIER") Proposals to restructure UK manufacturing facilities and acquisition of Chivers Ireland Premier, one of the leading suppliers of grocery products in the UK, hasannounced consultation on the proposed closure of its factories in King's Lynn(Norfolk) and Ashford (Kent) and the expansion of three other UK food productionsites. The proposal is for the King's Lynn factory to close by December 2007and the Ashford factory to close by May 2008. Plans are expected to be finalised early in the Spring, with implementationtaking place throughout 2007 and beyond. The savings and costs of therestructuring are in line with those anticipated at the time of the acquisitionof Campbell's UK. Premier's other manufacturing sites will continue to operateas usual. In addition, Premier announces that it has agreed to acquire Chivers IrelandLimited from its management. Chivers is a leading supplier of preserves toIreland's retail grocery and foodservice markets and currently also operates asone of Premier's key distributors in Ireland. This acquisition will strengthenPremier's position as a major player in the Irish food market. The gross assetsof the business as at 31 December 2005 were €24.5m. Robert Schofield, Premier Foods plc CEO, commented: "These restructuring proposals are very much about maximising ourcompetitiveness in order to grow our business and our brands. We are committedto enhancing our manufacturing efficiency so that we can remain competitive andto providing substantial marketing investment to support our brands. "Closing factories is not a decision we take lightly and we appreciate greatlythe commitment of our Ashford and King's Lynn factory employees. We aredetermined to provide support for those affected and remain hopeful that in theevent of us proceeding as proposed, many of those employees will remain in thebusiness and transfer to one of the new opportunities being created." Enquiries: Paul Thomas, Finance Director Robert Lawson, Director of Mergers & Acquisitions and Investor Relations Premier Foods plc Tel: 01727 815 850 Michael Berkeley Justin Griffiths Citigate Dewe Rogerson Tel: 020 7638 9571 Notes to Editors Premier Foods plc is a leading UK manufacturer and marketer of grocery products.Premier manufactures and markets grocery products for the retail grocery andout of home channels in two principal product segments: • convenience foods, pickles, sauces and meat free; and • spreads, desserts and beverages. Premier also operates a potato packing and marketing business in the UnitedKingdom, supplying the retail grocery, out of home and food manufacturingchannels. Premier's branded products include Batchelor's soups, noodles, rice, pasta andvegetables, Quorn meat alternatives, Ambrosia custard and milk puddings, Oxostocks and gravies, Bird's and Angel Delight desserts, Branston pickles, bakedbeans and pasta, Hartley's preserves and desserts, Homepride cooking sauces,Gale's honey and lemon curd, Crosse & Blackwell convenience foods, Sun-Patpeanut butter, Sarsons vinegar, Fray Bentos meat pies, Haywards pickles, Smashinstant mashed potato, Marvel powdered milk creamer and Waistline saladdressings, soups and cooking sauces. In addition, the Company produces LoydGrossman cooking sauces and soups under licence. Premier also produces a rangeof retailer brand products, principally for the major multiple retailers. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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