Greencore to acquire Bakkavor for $1.6bn.

Greencore, a manufacturer of convenience food, to acquire Bakkavor, an international food manufacturing company specialising in fresh prepared foods, for $1.6bn. "The combination of Greencore and Bakkavor is an unrivalled opportunity to create a true UK national food champion with an even greater breadth of category range and deeper customer relationships. We are bringing together two experienced teams and our complementary portfolios will drive benefits for customers and consumers across the UK. The combined group will be able to invest more in innovation and product development ensuring we can provide the consumer with greater food choices at more points in the day, bringing together Greencore's "food for now" expertise with Bakkavor's "food for later" portfolio. We look forward to welcoming Bakkavor's employees and creating an exciting, combined business for all stakeholders. Bakkavor is the ideal partner for Greencore and we look forward to delivering on the significant growth potential of the enlarged business," Dalton Philips, Greencore Chief Executive Officer.