Mainport invests in Grasslands Ltd.

Thu, 23/05/2002 - 23:51

It was announced on Thursday 23 May 2002 that Mainport were part of a consortium to purchase Grasslands Fertilizer Ltd. from the quoted company Greencore Plc. Grasslands had a turnover of €60 m in the year of 28 September 2001, with a reported profit of €2.273 m. Grasslands has it's headquarters in Dublin with sites in Slane, Limerick and Cork.

Purchase price was €18.9 m for the issued share capital when the net asset value of the company at date of af 31 March was €18.3 m. In addition an inter-company debt of €9.171 m had to be repaid back to Greencore.

Other partners in the consortium company Freshgrass Ltd. were Jim O'Mahony, former chief executive of Golden Vale and the management team of Grasslands. David Ronayne has been appointed as Director of Grasslands from 23 May.