Total Produce, the produce marketing and distribution spin-off of Fyffes, has been admitted to trading on the Irish Stock Exchange’s IEX market and the London Stock Exchange’s AIM.
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“We are very pleased at [the] launch of Total Produce on the IEX and AIM markets. The group is one of the leading fresh produce distributors in Europe and has a strong and experienced management team. Our ambition is to enhance shareholder value through a combination of organic growth and by continuing to pursue acquisitions of companies in the General Produce and Distribution Sector,” Carl McCann, executive chairman of Total Produce, said.
Total Produce’s primary activity is the marketing and distribution of a range of branded fresh produce to European retailers and wholesalers.
The group operates through its subsidiaries, joint ventures and associates from a total of 66 retail and wholesale distribution facilities and five ancillary offices throughout Europe with facilities in Ireland, the United Kingdom, Sweden, Denmark, Spain, Italy, Holland, Belgium, France, the Czech Republic and Slovakia.
The business recorded turnover of EUR1.7bn (US$2.25bn) in the year to December 2005 with an operating profit of EUR32m, up from a turnover of EUR1.5bn and operating profits of EUR30m in the prior year. Total Produce commenced operations with net debt of EUR10m.
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By GlobalDataThe company said that it plans to increase shareholder value through a combination of organic growth and acquisitions in the produce and distribution sectors.
