Princes agrees deal for Premier's canning operations
Princes has announced it is to take over Premier Foods's canning operations.
Princes and Premier Foods have agreed to a deal involving the disposal of the latter's canning operations following successful sales negotiations.
The agreement - which is yet to be approved by shareholders and regulators - will see Princes acquire Premier Foods's Long Sutton and Wisbech canning sites, along with the Crosse & Blackwell, Farrow's and Fray Bentos brands.
Furthermore, the Branston and Batchelors brands will still be owned by Premier Foods but will be licensed to Princes so certain products can be manufactured at the Long Sutton and Wisbech facilities.
Princes says the deal will leave it with nearly £1.5 billion in yearly sales.
"This proposed acquisition is an excellent strategic fit for our group and would enable us to further grow our business in the UK and continental Europe," said Ken Critchley, managing director of Princes.
Currently, the company's brands include Princes, Crisp 'n Dry, Napolina, Aqua-Pura and Jucee.