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Hilton Food sells Fairfax Meadow Europe to Sysco for £54m
(Sharecast News) - Food packaging business Hilton Food Group has sold Fairfax Meadow Europe to Sysco GB, part of the Sysco Group, for £54m in cash.
The FTSE 250-listed firm said on Monday that the transaction, which was expected to be earnings dilutive, included a three-year supply agreement with Hilton Food Solutions, ensuring continuity of supply to Fairfax Meadow.
Hilton Foods said the sale of Fairfax Meadow was a result of the ongoing evaluation of its activities and represented a further step in aligning the business more closely with its "core strengths".
Chief executive Steve Murrells said: "Fairfax Meadow is a high-quality business, and we have supported its growth and development since 2021.
"At Hilton Foods, our objective is clear, to build on the strengths that have long defined our business. By refining our portfolio and focusing resources where our global expertise and strong customer partnerships create the greatest opportunities, we are reinforcing the platform for sustained growth and delivering attractive long-term returns."
Reporting by Iain Gilbert at Sharecast.com
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