Manor farm, Ireland’s largest chicken processor, has been bought by Swedish group Scandi Standard for approximately €70 million.
The initial payment, which is partly in the form of shares in Scandi Standard, includes settlement of debt.
It is understood that completion of the transaction will require approval at an extraordinary general meeting of the Swedish company later this summer.
Manor Farm employs roughly 850 people in Ireland and is majority owned by Vincent and Justin Carton. Both will continue to run the company and will ultimately become shareholders in Scandi Standard.
“In considering a succession of ownership for our family business, my brother Justin and I have been determined to find a partner who will build on our strong relationships with customers, employees, suppliers and the broader communities in which we operate.
“Scandi Standard is that partner, with an outstanding health and quality record in chicken processing. They’re also major chicken product innovators. They understand our business and our commitment to our people. We’re the best at what we do, and Scandi Standard is committed to continuing that”, said Vincent Carton.
By Peter Hamilton
Source: Irish Times
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