Friday May 23, 07:58 AM
Total Produce buys 60 pct of Dutch cos Haluco, Nedalpac for up to 23 mln euros
LONDON (Thomson Financial) - Fresh produce company Total Produce Plc (LSE: TOT.L - news) . said it has bought 60 percent of two Dutch produce
companies, Haluco B.V. and Nedalpac B.V., for up to 23 million euros and added it expects the acquisition to be earnings enhancing from the date of completion.
The initial amount of 9.5 million euros in cash is payable on completion, with an additional amount of up to 13.5 million euros payable in 2011 if certain profit targets are met by the companies during the three years ended Dec. 31, 2010, the group said.
The companies recorded a combined pretax profit of 5.5 million euros on turnover of 298 million euros in the year ended Dec. 31, 2007.
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