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Greencore agrees to sell bottled water business

Greencore, the supplier of more than 100 million ready-meals a year to UK retailers, agreed to sell its bottled water business to Highland Spring for as much as £17.5m (€19.6m).

Proceeds from the disposal of Greencore Water will be used to reduce borrowings, Greencore said today in a regulatory statement. The sale is expected to be completed by April 30.

Greencore exited its frozen desserts business and sold its agricultural feed unit as part of an overhaul, and last year moved into the US with the purchase of Home Made Brand Foods. Today’s announcement comes two days after the company said it received unsolicited approaches for its malt business.

Greencore restated last year’s profit figures after a concealment of costs issue at the mineral water business, which operates from sites in west Scotland and Wales.

Greencore fell 1.4 cents, or 1pc, to €1.39 at 10:14am in Dublin trading.

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