Ireland-based convenience foods manufacturer Greencore Group PLC, announced earlier this week several strategic investments in the United States, including the acquisition of Lettieri's, a Minnesota-based manufacturer of food-to-go products, and a $10 million upgrade of it's current facility in Jacksonville, Fla., where Greencore manufacturers frozen food-to-go products.
The company did not include any financial details on the deal, but said the acquisition will be funded from existing debt facilities, and it expects the business to modestly boost earnings in the current financial year.
The addition to the Jacksonville facility will provide capacity to support up to $100 million of revenue in products designed for hot eating at breakfast or lunchtime, with a goal of producing products in the final quarter of this year.
"Both investments are consistent with our long-term approach of developing high quality manufacturing facilities to meet the specific growth strategies of our key US customers," said Chief Executive officer Patrick Coveney.
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