Associated British Foods sells glass division

Date: 17 December 2002
Source: Foodproductiondaily

Date: 17 December 2002

Associated British Foods, the UK-based international food, ingredients and retail group, has announced that it has sold its glass packaging business, Allied Glass Containers, to its management who are supported by Close Brothers Private Equity.

In the financial year ended 14 September 2002, Allied Glass Containers had sales of £58 million (€91.6m) and had net tangible assets of £42 million.Commenting on the announcement, ABF chief executive, Peter Jackson, said: “This disposal reflects our continuing commitment to focus resources on businesses where we have strong and growing market positions.”

In ABF’s annual general meeting, held earlier this month, chairman Harry Bailey had made several references to future streamlining and the need to reduce the company cost base:

“Although the strength of sterling has been a significant adverse factor that is something which is outside the industry’s control. What is within its control, however, is the necessity to reduce the cost base and improve the efficiency of an overly complex and expensive supply chain.”

Earlier this year the group bought up the Ovomaltine brand, and growth through further acquisitions is expected to take place during the course of next year, although Bailey did add that all purchases would be highly targeted.
600450 Associated British Foods sells glass division glassonweb.com

See more news about:

Others also read

MORE...

Apogee Q3 results up on architectural glass activities
Apogee Enterprises Inc. reported level sales but an increase in earnings for the third quarter of its fiscal 2003. Bloomington-based Apogee, which makes glass products and services, said the earnings increase was mainly the result of improvements in its architectural glass business.
PPG Names Wulfsohn to European Post
William A. Wulfsohn, vice president and general manager of Nylon System for Honeywell International, has been named vice president of European coatings for PPG Industries (NYSE:PPG) and managing director of PPG Europe. "Bill will play a vital role in helping our European coatings businesses achieve their full potential," said Michael A.
Bystronic acquires Armatec Vierhaus GmbH
Bystronic is to take over Armatec Vierhaus GmbH with effect from 1 January 2003. For Bystronic, a global supplier of system solutions for the manufacture of architectural and automotive glass, the takeover of Armatec, which specialises in laminated safety glass and handling systems, ideally complements the Bystronic portfolio.
Owens-Brockway Glass Container Closes on Sale of Additional $175 Million Principal of 8-3/4% Senior Secured Notes
Owens-Brockway Glass Container Inc., an indirect wholly-owned subsidiary of Owens-Illinois, Inc., (NYSE: OI) announced today that is has closed on the sale of $175 million principal amount of its 8-3/4% Senior Secured Notes due November 15, 2012.
Pilkington: New home for butterflies
The butterflies at Melbourne Zoo have gone upmarket with a new accommodation wing featuring Pilkington glass.
UCB Acquires Solutia'a Resins, Additives and Adhesives for $500 Million
UCB reached an agreement with Solutia to acquire Solutia's Resins, Additives & Adhesives activity for $500 million, plus a $10 million exclusivity fee.

Add new comment