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Greencore Group PLC (GNC)

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Friday 28 June, 2002

Greencore Group PLC

Disposal

Greencore Group PLC
28 June 2002


GREENCORE GROUP PLC





CONTACT: MR. B.J. POWER                   TELEPHONE 353 1 605 1029
                                          FAX 353 1 605 1104



                     SALE OF ERIN AND RODGERS BY GREENCORE



GREENCORE GROUP plc ('GREENCORE') ANNOUNCES TODAY THAT IT HAS REACHED AGREEMENT
FOR THE SALE OF ITS SUBSIDIARIES ERIN FOODS LIMITED, ERIN FOODS MANUFACTURING
LIMITED (TOGETHER 'ERIN') AND WILLIAM RODGERS (FOODS) LIMITED ('RODGERS') TO
CAMPBELL SOUP COMPANY ('CAMPBELL').   THE TRANSACTION IS SUBJECT TO THE RECEIPT
OF REGULATORY AND OTHER APPROVALS.



ERIN, WHICH IS BASED IN THURLES, IRELAND, MANUFACTURES A RANGE OF BRANDED AND
OWN LABEL DRIED SOUPS, SAUCES AND SNACK MEALS.   RODGERS, WHICH IS BASED IN
KIRBY-IN-ASHFIELD, UK, MANUFACTURES PASTA IN SAUCE AND SAVORY RICE AND A VARIETY
OF DRIED PACKAGED GROCERIES IN PRIVATE LABEL FORMATS.



THE CONSIDERATION RECEIVABLE IS €27,165,238 FOR THE ISSUED SHARE CAPITAL OF ERIN
AND RODGERS ON A CASH FREE AND DEBT FREE BASIS.    ERIN AND RODGERS MADE PROFIT
BEFORE TAX AND LOSSES ON DISPOSAL OF A SUBSIDIARY OF €3,457,000 IN THE YEAR
ENDED 28 SEPTEMBER, 2001.



THE VALUE OF THE NET ASSETS OF ERIN AND RODGERS AS AT THE DATE OF THEIR LAST
AUDITED ACCOUNTS, 28TH SEPTEMBER 2001, AMOUNTED TO €18,530,000. THE PROCEEDS
RECEIVED BY GREENCORE WILL BE USED IN THE FIRST INSTANCE TO REDUCE INDEBTEDNESS.



COMMENTING ON THE SALE, GREENCORE'S CHIEF EXECUTIVE, DAVID DILGER SAID 'WE ARE
VERY PLEASED TO HAVE CONCLUDED THIS TRANSACTION WITH CAMPBELL.   THIS ENABLES
GREENCORE TO CONTINUE TO SHARPEN THE FOCUS OF OUR FOOD BUSINESSES ON FASTER
GROWING CHILLED AND CONVENIENCE CATEGORIES WHILE,   AT THE SAME TIME, ERIN FOODS
WILL SIGNIFICANTLY BENEFIT FROM BECOMING A PART OF THE WORLD'S LEADING SOUP
COMPANY'.





B.J. POWER
DIRECTOR & SECRETARY



GREENCORE GROUP PLC,
ST. STEPHEN'S GREEN HOUSE,
EARLFORT TERRACE,
DUBLIN 2.                                                28th June, 2002.







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