Irish Firm to Use Home Made Brand Foods as U.S. Launch Pad
May 5, 2008
Greencore, the Dublin, Ireland-based convenience food and malt manufacturing company, will use Home Made Brand Foods (HMBF), the Newburyport, Mass., manufacturer of chilled meals for supermarkets, as a launching pad for expansion into the United States market.
Greencore purchased the company recently in a $44 million deal that could be sweetened by as much as $10 million, depending on performance through the end of this calendar year. It will reportedly invest $2 million to $3 million initially, and retain all 195 employes.
HMBF, which recently expanded its operations to 84,000 square feet and shifted production to more “healthy” foods, reports annual sales of about $40 million, with the potential to boost production and reach $100 million. Customers include Stop & Shop, Hannaford and Publix, according to Greencore. The product line includes meals, salads, sandwiches and quiche.
Greencore will relocate eight to 12 key personnel to Newburyport to develop its U.S. business, and has appointed Fergal Leamy, development director of the convenience foods division, as CEO of Greencore USA. Existing employees and the current management team of HMBF will be retained.
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