Greencore announced today it has sold its Grassland fertilizer business to Freshgrass Investments for €28 million.
Grassland imports, blends and manufactures agricultural fertilizers for sale and distribution to retail outlets (merchants and co-operatives) on the Irish market. It has headquarters in Dublin and operates from three sites at Cork, Limerick and Slane, Co Meath.
Freshgrass is a private company whose shareholders include the management team of Grassland; Mr Jim O'Mahony, the former chief executive of Golden Vale; and Irish Mainport Holdings.
Greencore said the proceeds of the sale will reduce its indebtedness.
Commenting on the disposal, Greencore chief executive Mr David Dilger said the disposal brings the value of Greencore’s disposals to over its announced target of #&8364;190 million.