Geest the job!
FRESH foods group Geest, which has its Scottish hub at Caledonian Produce, Bo'ness, has agreed to a £485 million takeover.
The deal is set to combine the operations of two major suppliers to UK supermarkets.
Geest sources said a tie-up with Icelandic firm Bakkavor made sense in light of "dramatic" recent changes in the food retail sector, particularly prices.
Bakkavor already owns 20 per cent of Geest and has four factories in the UK employing 2300 people.
It said it would look to exploit the combined strengths of the two companies, which supply food to a range of major chains, including Marks & Spencer and Tesco.
The Icelandic firm confirmed it intended to maintain the operating structure of Geest but did not say if any job cuts were likely as a result of the takeover.
But Ivan Clingan, Caledonian Produce general manager, said: "It's business as usual for us. The management structure of Geest stays the same. It's just a change of ownership."
Caledonian Produce employs around 500 people in full and part-time positions making it the biggest employer in Bo'ness.
The plant operates a two-shift production system supplying supermarkets nationwide.
Geest chairman Sir John Banham said: "We welcome the cash offer from Bakkavor - a company that is intent on developing further in the fresh prepared foods sector and one which shares similar values and goals to us."
Geest, which traces its history back to the sale of plant bulbs in 1935, supplies more than 2000 products from around 30 sites in Europe and Africa.
Its core products are ready-made salads, pasta, pizzas and desserts and it employs over 10,000 staff in the UK.
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Thursday 24 May 2012
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