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IRISH PREPARED FOODS giant Greencore has struck a deal to sell its US operation for over €900 million.
Greencore, which is headquartered in the Irish capital, is one of the world’s biggest manufacturers of convenience food and has roughly 14,500 staff on its books globally.
In a statement released today, the company confirmed plans to sell its entire US business, which produces packaged foods for convenience store 7-Eleven, to the Hearthside group for €929 million ($1.075 billion).
Hearthside, which was set up in 2009, is a contract food manufacturer based in the US. The firm is focused on the production of snack products and operates 25 facilities spread across the US and the Netherlands.
Greencore chief executive Patrick Coveney said the sale of the firm’s US operation would allow the organisation to focus more on opportunities in the UK market.
“The proposed transaction would enhance our strategic and financial flexibility, which would allow us to build on our industry-leading position in our core UK market,” Coveney said.
The deal, which is expected to be completed by late November, is still subject to approval by Greencore shareholders and clearance by US competition authorities.
The firm added that subject to the completion of the sale, the board would to pay a special dividend to shareholders at a cost of over €577 million.
Cathal Kenny, an analyst at stockbroker Davy, said the sale marks a “surprising exit” by Greencore from its US business.
The move has come roughly two years after the Greencore sealed the acquisition of Illinois-based firm Peacock for $747.5 million in a bid to transform the US wing.
Since the deal, Greencore has experienced trouble with its US operation. Earlier this year, the firm issued a profit warning and also announced plans to restructure its US business.
When the announcement was made, Greencore said Coveney would take on a direct role in the strategic leadership of the US operation during the restructuring.
Packaged foods
Greencore, which is listed on the London Stock Exchange, also manufactures products for some of the world’s biggest food brands including Heinz, Doritos and Bisto.
Every year, it manufactures around 1.5 billion sandwiches, 600 million salad and lunch kits and 140 million ready-made meals.
The firm commands a significant proportion of the ready-made sandwich market in the UK, where it supplies the likes of Tesco and Marks & Spencer.
Earlier this year, Greencore agreed to sell its British-based cakes and desserts business for an undisclosed fee.
The deal, coupled with the closure of another British plant, marked the end of Greencore’s activity in the cakes and desserts sector across the Irish Sea.
Greencore’s pre-tax profits plunged 74% to £12.4 million in the year to September 2017. The firm put the dramatic drop in profits down to a costly software project in the UK which had to be abandoned and costs associated with wrapping up its English-based desserts facilities.
Written by Killian Woods and posted on Fora.ie
That’s what one calls a jail sentence Take note judiciary in ireland
They won’t take note, why would they?
In Ireland the mandatory sentence for murder is “Life”. The judge has no power to give any other sentence. They are not allowed to put in minimum terms. The actual terms served for life sentances have been increasing over the years. It is up the Minister of Justice as to when they get released – the judiciary have no input in that.
http://www.irishtimes.com/news/crime-and-law/why-does-life-now-mean-a-much-longer-sentence-1.1857296
“In Ireland, a life sentence prisoner can expect to spend 22 years in prison. This is in marked contrast to the single-digit figures served by such offenders in the 1970s.
Ireland has now surpassed England and Wales in terms of time served. The relatively consistent approach to time served by murderers in England and Wales over the last decade ( 14 to 17 years) is in stark contrast to the increases in Ireland (from 11 to 22 years).”
The newspaper article you’re quoting is an opinion piece. The CSO figures also clearly illustrate a wide range of time served which in itself indicates a considerable variable in the likely length of time you’ll spend in prison, thus mitigating the effects of a mandatory ‘life’ sentence. Also, the numbers of convictions for ‘life’ sentences is considerably less than those for other serious offences where someone has been killed, like manslaughter or dangerous driving causing death.
So on the whole, it’s not a great article to quote. It’s fairly weak in fact, and it’s mostly opinion rather than fact (albeit with a few facts thrown in).
The fact remains that when you look at all prison sentences where someone was killed, then the likelihood is that you will serve single digit years. Sentencing should be a lot more harsher in Ireland; especially where you take the life of another person.
But you cannot compare manslaughter with murder. Manslaughter covers a much wider range of crimes. A single punch after a loud drunken argument where both sides have been aggressive can lead to death. That is manslaughter but it is not the same as pre-meditate killing and in such circumstances a suspended sentence may be the correct decision. Sometimes terrible things happen and they are by awful chance and not intended.
I understand where you are coming from, and I wasn’t suggesting that we compare manslaughter with murder. The two points I was trying to draw attention to were (1) that on ‘life’ sentencing alone there is a considerable variable in ‘Life’ sentencing which suggests a wide range of application of the term ‘life’ to a sentence and thus reduces what a ‘life’ sentence actually is. And (2) that if you include, not compare but include other sentences where a life has been lost that the overall figure of prison sentencing means that the number comes down to single digits.
I’m a great believer in the likes of broken windows’ theory and of restorative justice, and dare I say it, but suspended sentencing is a useful thing in the right circumstances. But I’m personally of the believe that if you take another’s life as a result of your actions that you should then be put in prison for the rest of your life. I do not see any natural justice or common justice in having one person six feet under and their family handed a lifetime of pain, and for the other person(s) to be left free after X amount of time. There are tragic occurrences, as you mentioned like one punch incidents, but a life has been lost forever as the result of another’s chosen actions. I personally feel there needs to be an accountable responsibility to ones actions. I may well be alone in thinking that however.
Very sad.
Victoria looks like a lovely person, a gentle soul.
She did not deserve to die like that.
From previous information relating to the couple she was far from gentle however nobody deserves to be murdered.
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