Convenience foods specialist Greencore Group is selling its 50% shareholding in Irish miller the Odlum Group to Origin Enterprises, giving Origin total control.
Subject to Competition Authority approval, Greencore will receive a cash payment of €35m (£23.5m) from Origin on completion. Origin will assume the portion of outstanding Odlums’ net debt, currently attributable to Greencore (approximately €10m [£6.7m]). The sale will generate an exceptional profit of about €23m (£15.5m) for Greencore.
David Dilger, Greencore chief executive, said: "The sale comes at a time when Odlums is embarking on a programme of mill modernisation. The disposal will enable Greencore to concentrate on development."