Greencore Group plc Type Public, (LSE: GNC, ISEQ: GNC) Founded Dublin, Ireland (1991) Headquarters Dublin, Ireland Key people Patrick Coveney, CEO, Ned Sullivan Chairman Products Convenience Foods Employees 7,500 (2009) Website www.greencore.com
It was established by the Irish Government in 1991 to take over Irish Sugar, the nationalised sugar production company. 55% of the group was listed on the Irish Stock Exchange that year, over the years additional placements have led to almost 100% of the shares now being in private hands. The exception is that the Irish Government holds a special share certificate (value EUR 1.26) in Irish Sugar Limited in order to prevent the Irish sugar quota being sold without its consent. Other businesses owned by Greencore include various convenience food related interests in the Republic of Ireland. Greencore is quoted on the Irish Stock Exchange and London Stock Exchange. Despite starting out in the sugar industry, Greencore is today the world's largest sandwich manufacturer.
The company was due to merge with Northern Foods in 2011 to form Essenta Foods, to be headquartered in Dublin but listed on the London Stock Exchange. The deal, however, fell through after Northern Foods agreed to be taken over by businessman Ranjit Boparan on 21 January 2011.
On 12 July 2011, Greencore announced it intended to buy Uniq plc.
Irish Sugar Limited
Irish Sugar Limited was established in 1926 in Carlow as a private enterprise known as the Irish Sugar Manufacturing Company, Limited. The Sugar Manufacture Act, 1933 was passed to promote self-sufficiency in sugar manufacture, this act was brought on by a crisis in the industry and resulted in the nationalisation of sugar manufacture. After the passing of this act factories were built in Mallow, Thurles and Tuam and the company became Cómhlucht Siúicre Éireann, Teoranta, the Irish for Irish Sugar Company, Limited.
The Thurles and Tuam factories were closed in the early 1980s after a rationalisation became necessary and the company decided to concentrate manufacture at its Carlow and Mallow factories. The Sugar Act, 1991 privatised the entity and it became part of Greencore at that time; this act was passed as Irish Sugar had diversified beyond being a sugar manufacturing company into other food products.
In 2005 Irish Sugar announced that it would close its factory in Carlow, this was carried out on March 11 when the factory closed for the last time and ceased production in Carlow. In March 2006 it was announced that the last remaining Irish Sugar factory would close in Mallow, and this closure occurred on May 12. The reason indicated for these closures has been the reform of European Union policies on sugar which reduced the quotas and subsidies available and therefore making its manufacture unprofitable in Ireland. In October 2009 Nordzucker announced that it had bought Greencore's 50% stake in its joint venture SugarPartners. As part of the deal, Nordzucker acquired the Siucra, McKinney and Castle brands from Irish Sugar Ltd.
On 10 November 2010, the European Court of Auditors found that the closure of the last Greencore sugar plant in Mallow in 2006 may not have been necessary.
- List of Irish companies
- ^ http://www.rte.ie/news/2010/1117/greencore-business.html
- ^ http://www.rte.ie/news/2011/0124/greencore-business.html
- ^ http://www.ft.com/intl/cms/s/0/7f0b625a-ac5c-11e0-bac9-00144feabdc0.html#axzz1Rt1MrUq7
- ^ http://www.rte.ie/news/2010/1110/greencore-business.html
ISEQ 20 companies of Ireland
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