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| Exchange Disseminated Time | Apeejay Tea Ltd has announced that Apeejay Surrendra Group ("Apeejay"), one of India's largest tea producer is acquiring Typhoo, London Fruit & Herb, Lift and other associated tea brands from Premier Foods plc ("Premier") for £ 80 million. Apeejay believes the Premier tea business will benefit from increased investment and focus combined with the Company's extensive experience in the global tea market and vertically integrated approach.
Apeejay will be buying Premier's entire tea business, the 100 year old iconic Typhoo brand; London Fruit & Herb, Lift, QT and other associated brands, its extensive own label contracts, and the Moreton tea manufacturing facility in Merseyside, which employs 249 people. In the year to December 31, 2004 Premier's tea business had net sales of £ 70.2 million. The Company does not expect there to be any redundancies at the Moreton plant as part of the transaction and anticipates recruiting employees across a range of central functions in the near future.
The consideration will be paid in cash and the transaction is expected to complete shortly. |
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