Fyffes fresh produce company will pay the initial cash consideration of 28.7 million euros for 60 per cent of the group, with the remaining 40 per cent to be bought in 2007.
Chief executive officer of Everfresh Bengt Nilsson said: “We are pleased Fyffes is becoming a shareholder. This represents an important step in the development of our company. We believe that being part of the Fyffes group will hep to ensure Everfresh continues to be in a position to offer the highest level of service to our customers.”
The Everfresh group is a leading fresh produce group in Sweden with a strong market position in both the multi-retail and wholesale sectors in Sweden.
The annual turnover for the Swedish company for the year-ending December 2003 was 300m euros, and Fyffes expects the purchase to boost earnings as soon as the initial transaction is finalised within two months.
Chairman of Fyffes Carl McCann said: “The acquisition of Everfresh represents an important new investment for Fyffes. This transaction offers us a significant growth opportunity and represents a continuation of our development strategy of acquiring strong businesses in our sector. Everfresh is one of the leading fresh produce groups in the Swedish market. It is a highly mechanised, low cost operator that adds significant value for its customers.”
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