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Ireland's Greencore buys UK salad producer Freshtime for £56M

Irish convenience foods producer Greencore Group PLC said Sept. 3 that it has completed its £56 million acquisition of The Bay Group Ltd., the parent company of Freshtime UK Ltd., expanding the company's offering of salads and chilled snacks.

Freshtime is a supplier of salads, chilled snacks and prepared produce to U.K. grocery and convenience stores. The company has a single facility in Boston, Lincolnshire. In 2018, Freshtime recorded £66 million in revenue and £5.6 million in profit before tax.

Greencore said it will fund the transaction from its existing debt facilities. The company added that the deal is expected to be neutral to earnings in fiscal 2019 and modestly accretive in fiscal 2020.

Shares of Greencore rose 1.1% to 212.1 pence in morning trading on the London Stock Exchange.