BELGIUM/UK: Pinguin targets UK growth with Padley buy
Belgian frozen foods manufacturer Pinguin today (25 May) revealed that it has entered into exclusive talks to acquire UK firm Padley Vegetables.
"The UK is an important market for us as we have worked hard to improve the performance of our Pinguin Foods UK unit," a spokesperson for the company told just-food. "This acquisition could potentially double the size of our UK business."
The group said that it is looking to expand its share of the UK frozen vegetable market. "Pinguin expects to be able to complete negotiations very soon and to sign a takeover contract subject to a number of conditions," the company said.
While announcing the talks, Pinguin also upped its full-year outlook. "On the basis of the results of the third quarter of the financial year, Pinguin expects to achieve a recurrent result for the year which will be above the previously announced expectations."
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