Pork specialist Cranswick aims to strengthen its processing operations by acquiring family business Bowes of Norfolk.
Some 620 staff at the Bowes pork-processing operation will transfer to Cranswick if the £17.2m deal is given Competition Commission approval, which is expected late June.
Under the agreement, Bowes' arable farming business will be retained by family members, while the pig-rearing business will be sold back to a Bowes management buyout team that will supply pigs to the new Cranswick division.
Bowes' net assets would be worth £9.6m following the disposal of the pig-rearing business, according to Cranswick, leaving pre-tax profits for the assets of £2.1m on sales of £75.8m.
"Bowes is a significant operator in the pigmeat processing sector and the acquisition reinforces our industry position," Cranswick said.
Some 620 staff at the Bowes pork-processing operation will transfer to Cranswick if the £17.2m deal is given Competition Commission approval, which is expected late June.
Under the agreement, Bowes' arable farming business will be retained by family members, while the pig-rearing business will be sold back to a Bowes management buyout team that will supply pigs to the new Cranswick division.
Bowes' net assets would be worth £9.6m following the disposal of the pig-rearing business, according to Cranswick, leaving pre-tax profits for the assets of £2.1m on sales of £75.8m.
"Bowes is a significant operator in the pigmeat processing sector and the acquisition reinforces our industry position," Cranswick said.
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