FDBusiness.com

Sale of Dairy Crest’s Dairies Operations to Muller UK & Ireland Group Approved

 Breaking News
  • Record UK Grocery Sales as Shoppers Prepare For Lockdown Facebook Twitter LinkedIn The latest UK grocery market share figures from Kantar show year-on-year supermarket sales grew by the fastest rate in over a decade during the past 12 weeks...
  • AB InBev Withdraws 2020 Outlook Facebook Twitter LinkedInGiven the uncertainty, volatility and fast-moving developments of the COVID-19 pandemic in the markets in which AB InBev operates, the global brewer has withdrawn its 2020 Outlook, which...
  • Teknomek hits peak design with new Dyson Airblade wash troughs Facebook Twitter LinkedInHygienic furniture specialist Teknomek has introduced new Dyson Airblade wash trough models that have been developed to reduce listeria risk in food processing facilities. Variants of the product...
  • Greencore Names New CFO Facebook Twitter LinkedIn The Board of Greencore Group, a leading manufacturer of convenience food in the UK, has announced the appointment of Emma Hynes (pictured) as Executive Director and Chief...
  • Müller UK & Ireland Launches Major Recruitment Drive to Help Feed the Nation Facebook Twitter LinkedInThe UK’s favourite dairy brand[1] has launched a significant recruitment push for up to 300 additional key workers to help feed the nation. This follows strong consumer demand for...

Sale of Dairy Crest’s Dairies Operations to Muller UK & Ireland Group Approved

Sale of Dairy Crest’s Dairies Operations to Muller UK & Ireland Group Approved
October 20
10:22 2015

The UK Competition and Markets Authority (CMA) has accepted modified undertakings provided by Muller UK & Ireland Group and approved its acquisition of Dairy Crest’s Dairies operations. The consideration payable by Müller remains at £80 million subject to previously agreed upward or downward adjustments. Müller has withdrawn its right not to complete the purchase should there be a deterioration of more than £20 million from the agreed level of profitability of Dairy Crest’s Dairies operations.

Dairy Crest has agreed to make a one-off payment of £15 million to Müller on completion to help meet the additional cost of the modified undertakings. The sale will complete on 26 December 2015. Dairy Crest will now finalise its consultation with employees.

Mark Allen, chief executive of Dairy Crest, comments: “This is a transformational moment for Dairy Crest and the wider dairy industry. The deal will help to create a more sustainable UK dairy sector. It will deliver economies of scale and cost efficiencies that will underpin investment in the sector and help the UK to compete more successfully in global markets.”

He adds: “Dairy Crest will now be able to focus on growth, through both our branded cheese and spreads operations and new revenue streams from manufacturing products for the fast-growing global infant formula market. We will work with Müller to ensure completion is achieved as smoothly as possible.”

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements